ETH Approaches $2800
On-chain data platform Glassnode indicates that the average cost basis for ETH investors is around $2800.
Once the price approaches this 'break-even point', many holders who have previously been at a loss may choose to reduce their positions, creating some selling pressure.
This is a typical psychological barrier, serving as both a selling pressure point and a test for whether new capital will step in.
If buying pressure is strong enough to withstand the selling pressure, it could potentially complete a key shakeout, opening up space for subsequent price increases.
