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If Ethereum's 2,100 Support is Broken, 2 Million ETH Support is on the Doorstep: Here is the Price! - Coin Bulletin
Can Ethereum (ETH) price drop to 1,890 dollars? Glassnode's Cost Basis Distribution (Cost Basis Distribution) data shows possible scenarios if the current correction deepens.
Crypto analysis platform Glassnode evaluated important support levels of Ethereum. According to the data, the current price level of $1,890, which is approximately 10% below, stood out as the largest accumulation zone where 1.82 million ETH is collected. This supply concentration occurred in August 2023, showing that cyclical investors have a strong belief at this level.
According to Glassnode's analysis, the $2,100 level was a significant accumulation point before the decline. However, the amount of ETH accumulated here remained around 500,000. When this level is broken, the real strong support is positioned around $1,890.
Looking at the two-year data, it is observed that investors accumulating ETH in August 2023 continued their interest in the market and increased their cost bases in November 2024. These investors continued to buy ETH during last year's rise and showed that the price did not face significant selling pressure at high levels.
According to Glassnode, high-cost based investors are concentrated around the $3,500 level in the data of the last six months. These investors continued to accumulate ETH instead of selling their holdings even if the price declined.
As a result, data from Glassnode showed that the $1,890 level is a strong support area for Ethereum. Given that 1.82 million ETH was collected here, it was considered unlikely that there would be a full wave of sales