Potential Support And Resistance Levels For Ethereum Identified

According to BlockBeats, on March 12, Glassnode released data on social media indicating potential short-term support levels for Ethereum (ETH) based on its cost basis distribution. Although ETH briefly fell below the major accumulation zone of $1,880, addresses at this level showed minimal response to the decline. A new accumulation range has emerged at $1,900, encompassing 600,000 to 700,000 ETH. This suggests that if ETH consolidates at the current level, $1,900 could serve as a support level. The next potential resistance level is identified at $2,200, where 465,000 ETH are accumulated. The supply gap between $1,900 and $2,200 remains small, making it plausible for ETH prices to rise to the resistance level in the short term.