Glassnode, an on-chain data provider, has released a report on Ethereum, the second-largest pandemic cryptocurrency, analyzing its bullish prospects following a recent breakout after a month of range-bound volatility.

Ethereum Breaks Out, Soaring 13.5%

This week, Ethereum exhibited a significant growth of over 13.5%, skyrocketing from $2,481 to $2,818. However, in the past 24 hours, ETH has rebounded by 2.16%, trading at $2,765 per coin at the time of publication.

#Ethereum has just broken out of a month-long consolidation range. The cost basis distribution shows that 1.3 million $ETH is held at $2.70K and $2.74K, with 800,000 #ETH at $2.76K. These investors accumulated during the consolidation period and may now form a strong support zone.