$2.8K Breakeven Zone Shows Critical Resistance

Glassnode data shows that over 2.5 million ETH is held in wallets at a cost of around $2,800. With the price approaching this level again, some investors have started to recoup their losses. Historically, breakeven zones have encouraged distribution by holders looking to exit, potentially creating short-term resistance. The rise of ETH's price from $1,900 in April to over $2,560 now makes this supply concentration more significant. As long as this price level is not reclaimed, some traders may remain cautious and view rallies not as signs of a new trend, but merely as temporary opportunities.

ETH spot ETFs have also contributed to the bullish sentiment by bringing in $58.63 million in new money over six days. SoSoValue's data indicates that total ETH ETF assets are currently at $9.12 billion, showing increased interest from investors. #ethereum