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Ethereum To $3,400? On-Chain Shows No Big Hurdles Ahead
- On-chain data suggests Ethereum faces no dominant resistance levels until $3,417, potentially paving the way to reach that mark.
- Cost Basis Distribution analysis by Glassnode indicates Ethereum's supply distribution is more evenly spread out, reducing potential resistance barriers.
- Ethereum managed to break through supply levels at $2,700, $2,740, and $2,760, which were previously hindering its price surge.
- Supply levels concentrated with investors' cost basis are considered important as they may trigger selling reactions when retested from below.
- Levels with significant supply can act as resistance barriers, while lower levels can provide support based on holders' mindset.
- The $2,700, $2,740, and $2,760 supply walls that Ethereum reclaimed could now potentially serve as strong support zones.
- The distribution of Ethereum's supply at levels ahead shows no strong clusters until $3,417, with 200,000 to 400,000 ETH at each $50 increment below that mark.
- Glassnode mentions that if the $2.70K–$2.76K support range holds, the path to $3.42K remains technically open, depending on holders' responses in the $2.8K–$3.3K range.
- Currently, Ethereum is up 47.5% year-to-date, briefly breaking above $2,830 before seeing a pullback to $2,780.
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