GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout

Ethereum Cost Basis Data Signals Strong Support At $1,886 – Details

The Ethereum (ETH) market has experienced some recent good fortunes rising by over 5% in the past 24 hours. Despite this price gain, the prominent altcoin remains in a downtrend as indicated by its 11.17% loss in the past week.  However, prominent analytics platform Glassnode has discovered an important price level that could offer some short-term support.

Investors Boost Accumulation By 300,000 ETH At This Price Region – What Could It Mean?

In an X post on March 14, Glassnode provided an intriguing analysis of the ETH market highlighting a potential strong support level. Based on the Cost Basis Distribution (CBD) metric, these analysts believe ETH is likely to hit a major support zone at the $1,886 price level in the case of a further price decline.

In the crypto market, CBD represents a crucial on-chain metric that tracks the price levels at which tokens were last sold or bought. When a significant number of coins is acquired within a specific price range, that zone often serves as a support or resistance level.

Image

According to Glassnode, Ethereum’s CBD data shows that investors’ supply at $1,886 has grown from 1.6 million ETH to 1.9 million ETH indicating the acquisition of an additional 300,000 ETH when price last reached this level. This development postulates that a significant portion of investors view $1,886 as a crucial price point and are likely to increase their holdings in this region to prevent any further decline thus creating a viable support zone.

Glassnode notes that this postulation aligns with insights from its custom capitulation metric design to capture price capitulation events leveraging the use of weighted sell volumes and non-linear economic pain experienced by investors. However, it’s worth noting that the $1,886 price level can only offer short-term support suggesting a likely price capitulation in the presence of overwhelming selling pressure.

Ethereum Price Overview 

At the time of writing, Ethereum trades at $1,924 following a 5% gain on the last day as previously stated. Meanwhile, the market’s daily trading volume is down by 29.29% and valued at $12.91 billion. Interestingly, the Relative Strength Index metric suggests Ethereum could soon enter the oversold region and potentially experience a price reversal.

However, ETH bulls are confronted with multiple resistance zones at $2,249, $2,539, and $2,829 if they are to pull off any significant rebound and halt the current downtrend. On the other hand, any decisive price fall below $1,886 could lead to lower levels Such as $1,650 and $1,132.

Ethereum

Latest Press

post-thumbnail
News
15 minutes ago
BYDFi Launches Contract Copy Trading Leader Participation Program with Up to 30% Profit Sharing
The post BYDFi Launches Contract Copy Trading Leader Participation Program with Up to 30% Profit Sha...
READ MORE
post-thumbnail
News
15 minutes ago
Interpol Hunts Hayden Davis as WOLF and LIBRA Scams Leave Investors $40M in Ruins!
The post Interpol Hunts Hayden Davis as WOLF and LIBRA Scams Leave Investors $40M in Ruins! appeared...
READ MORE
post-thumbnail
News
15 minutes ago
North Korea’s $1.14 Billion Bitcoin Stash Puts It Among the Top 3 Government Holders
The post North Korea’s $1.14 Billion Bitcoin Stash Puts It Among the Top 3 Government Holders appe...
READ MORE
post-thumbnail
News
15 minutes ago
Pakistan Launches Crypto Council to Regulate Blockchain and Digital Finance
The post Pakistan Launches Crypto Council to Regulate Blockchain and Digital Finance appeared first ...
READ MORE
post-thumbnail
News
15 minutes ago
Trump’s Bitcoin Reserve Plan Backfires: European Central Bank Warns of Crypto Market Crash
The post Trump’s Bitcoin Reserve Plan Backfires: European Central Bank Warns of Crypto Market Cras...
READ MORE
post-thumbnail
News
15 minutes ago
Ripple Lawsuit News: Ex-SEC Lawyer Says There is No Such Thing As ‘Private Settlement’
The post Ripple Lawsuit News: Ex-SEC Lawyer Says There is No Such Thing As ‘Private Settlement’ ...
READ MORE
post-thumbnail
News
15 minutes ago
XRP Price Prediction For March 17
The post XRP Price Prediction For March 17 appeared first on Coinpedia Fintech News XRP is showing a...
READ MORE
post-thumbnail
News
15 minutes ago
Crypto News: Bank of Korea Rejects Bitcoin for Foreign Exchange Reserves
The post Crypto News: Bank of Korea Rejects Bitcoin for Foreign Exchange Reserves appeared first on ...
READ MORE
post-thumbnail
News
15 minutes ago
Ripple News Today: XRP Proposal Aims to Unlock $1.5 Trillion for Bitcoin Reserves
The post Ripple News Today: XRP Proposal Aims to Unlock $1.5 Trillion for Bitcoin Reserves appeared ...
READ MORE
post-thumbnail
News
15 minutes ago
Will Shiba Inu Reach $1 in 2025? Not a Chance, But This Token Will Do It in Under 2 Months 
The post Will Shiba Inu Reach $1 in 2025? Not a Chance, But This Token Will Do It in Under 2 Months�...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started