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Ethereum (ETH) Consolidates Within Tight Range As Key Support Level Forms – Details

Ethereum (ETH) prices have surged by over 3% in the past day in line with a bullish upswing across the broader crypto market. However, Ethereum on-chain data reveals the altcoin has stumbled in a range-bound market hinting at a potentially prolonged sideways movement.

Ethereum Trapped In $1,548 – $1,599 Range – Glassnode

In a recent post on X, prominent blockchain analytics firm Glassnode reports that Ethereum is trading in a tight range between $1,548 and $1,599. This development is revealed by the asset’s cost basis distribution (CBD), which shows the various price levels at which current ETH holders bought their coins.

CBD is an important on-chain metric used to identify potential support or resistance levels based on the accumulation levels seen at price zones. According to Glassnode, a combined 1.53 million ETH, valued at $2.4 billion, was acquired between $1,548 and $1,599 indicating a high level of investor interest at these price regions.