Ah, the ever-elusive Ethereum! It seems that our dear friend does not encounter any formidable foes until it reaches the lofty heights of $3,417. A mere trifle, one might say, as it prances towards that mark with the grace of a ballet dancer on a tightrope. 🎭
Ethereum’s Cost Basis Distribution: A Comedy of Resistance
In a recent missive on the platform formerly known as Twitter, the astute analysts at Glassnode have shared their musings on the Cost Basis Distribution of Ethereum. This delightful indicator reveals the price levels at which our beloved asset was last purchased. A veritable treasure map for the financially curious! 🗺️
Behold! A chart that illustrates the latest escapades of this cryptocurrency, showcasing its breakout from the perspective of our dear indicator:
As the graph reveals, Ethereum has gallantly breached several notable supply levels with its recent price surge. The $2,700 and $2,740 levels hold the cost basis of approximately 1.3 million ETH, while the $2,760 mark cradles 800,000 ETH. In the realm of on-chain analysis, these levels are akin to the gates of a fortress, where investors may react dramatically to price interactions. 🏰
When the price retests these levels from below, one can only imagine the panic among holders. Desperate to escape the clutches of loss, they may sell their coins, fearing they will soon be submerged once more. A tragicomedy, indeed! 🎭
As is often the case, the more investors that share their cost basis at a particular level, the stronger the selling reaction tends to be. Thus, levels above that hold a significant amount of supply can act as formidable resistance barriers to ETH’s price. Our dear Ethereum was previously ensnared beneath these supply zones for a month, perhaps due to this very resistance, but now it has finally reclaimed its territory. 🏴☠️
Just as strong levels above can pose resistance, those below may serve as a sanctuary of support. It is possible that the roles of the $2,700, $2,740, and $2,760 supply walls will now transform. “These investors accumulated during consolidation and now will potentially form a strong support zone,” notes Glassnode, with a wink. 😉
The support effect may arise from holders with a bullish mindset, viewing declines to their cost basis as golden opportunities to buy the dip, or simply from their desire to protect their precious acquisitions. 💎
Now, let us gaze upon another chart shared by our analytical friends, revealing the Ethereum Cost Basis Distribution for the levels ahead of the latest spot value:
From this graph, it is evident that the levels ahead have the Ethereum supply distributed in a more uniform manner, with no strong clusters until $3,417. Specifically, the price levels before this mark contain 200,000 to 400,000 ETH at every $50 gap. In contrast, the $3,417 level currently holds the cost basis of about 607,950 ETH. A veritable buffet of ETH! 🍽️
A Rollercoaster Ride
Ethereum briefly soared above $2,830 in the past day, only to face a pullback, returning to the comforting embrace of $2,780. Such is the life of a cryptocurrency! 🎢
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2025-06-12 01:18