Key Points:
Ethereum (ETH) resistance area: $3,877–$3,987
Key support level: $3,434
Analysis based on Glassnode's on-chain data
Price action is influenced by chip distribution trends
Ethereum is currently facing a significant resistance range between $3,877 and $3,987, while maintaining key support at $3,434, according to on-chain data cited by cryptocurrency analyst @ali_charts via BlockBeats.
Analysis, based on Glassnode's chip distribution metrics, indicates a significant number of ETH holders bought in the range of $3,877–$3,987, making this a potential area of selling pressure if Ethereum tests those levels.
Conversely, the $3,434 level is identified as strong support, where a large cluster of addresses is holding ETH at a profit, suggesting buyers may intervene to protect the price if it drops.
Technical outlook suggests a breakout above $3,987 could open the door to higher targets, while a drop below $3,434 may signal a deeper correction in the short term.
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