"ETH Price Prediction: Cost Basis Data Points to $1890 as Key Support"
# Ethereum's Key Support Level: $1,890
Ethereum (ETH) has declined by 17.08% in the past week, reaching as low as $2,104. Despite minor gains in the past 12 hours, the market sentiment remains bearish.
# Cost Basis Data Points to $1,890 as Make-or-Break Level
According to Glassnode, data from the Cost Basis Distribution (CBD) metric indicates that Ethereum's next major accumulation zone is at $1,890. This level represents the cost basis for approximately 1.82 million ETH acquired in August 2023.
# Short-Term Support at $2,100
While $1,890 is the major accumulation zone, CBD data also highlights $2,100 as the next short-term support zone. This level holds around 500,000 ETH, significantly lower than the accumulation seen at $1,890.
# Is $ETH Accumulation On Amid Price Dip?
In a further analysis of the Ethereum market, Glassnode also reveals that a six-month perspective on the cost basis trend shows strong investor activity with at cost basis levels far higher than the current market price, particularly around $3,500.
# Investor Confidence Remains High
A two-year analysis of Ethereum's CBD shows that investors who accumulated ETH in August 2023 remain active and confident in the asset's long-term price appreciation. This is evident in their increased cost basis during the crypto market surge in November 2024.
# Current Market Situation
At the time of writing, Ethereum trades at $2,173, following a 3.84% gain in the past day. Its market activity has increased by 7.74%, and it's now valued at $29.91 billion.
