• Three key price levels have been identified as potential support and resistance for Ethereum.
• Cost basis clusters show 822K ETH purchased at $1,546, creating major support.
• Ethereum drops 4.5% in 24 hours while maintaining a 6.2% weekly gain amid volatility.

Blockchain analytics firm Glassnode has identified three critical Ethereum price levels that could shape its near-term price action, based on cost basis distribution data. According to their analysis, large amounts of ETH have been accumulated at specific price points. This could potentially create important technical zones as the cryptocurrency consolidates.

According to Glassnode, these zones may act as near-term support and resistance as price consolidates. Further, the statistics reveal that the majority of the buying occurred at $1,546, where over 822,000 ETH was traded. There was also massive buying at $1,598 (725,000 ETH) and $1,457 (408,000 ETH). These figures highlight the potential buying interest if Ethereum hits these levels. This is due to the fact that buyers at these levels prefer to cover their costs in order to avoid a loss. Th…

The post Ethereum’s Next Move? Analysis Identifies 3 Key Price Levels to Watch Closely appeared first on Coin Edition.

• Three key price levels have been identified as potential support and resistance for Ethereum.
• Cost basis clusters show 822K ETH purchased at $1,546, creating major support.
• Ethereum drops 4.5% in 24 hours while maintaining a 6.2% weekly gain amid volatility.

Blockchain analytics firm Glassnode has identified three critical Ethereum price levels that could shape its near-term price action, based on cost basis distribution data. According to their analysis, large amounts of ETH have been accumulated at specific price points. This could potentially create important technical zones as the cryptocurrency consolidates.

According to Glassnode, these zones may act as near-term support and resistance as price consolidates. Further, the statistics reveal that the majority of the buying occurred at $1,546, where over 822,000 ETH was traded. There was also massive buying at $1,598 (725,000 ETH) and $1,457 (408,000 ETH). These figures highlight the potential buying interest if Ethereum hits these levels. This is due to the fact that buyers at these levels prefer to cover their costs in order to avoid a loss. Th…

The post Ethereum’s Next Move? Analysis Identifies 3 Key Price Levels to Watch Closely appeared first on Coin Edition.