The price of Etherrium is less doubtful than the first quarter of the year in recent weeks. However, the “King of Altcoin” appears to be trapped in a loop related to repeated push bags at a specific price level.
After the optimistic momentum this week, Etherrium prices faced a significant decline of more than $ 2,700 and fell to the place that began for a week since then. Below is the basic element of ETH's struggle. More than $ 2,700.
Is the price of ETH more than $ 2,700?
In the post of X's May 24, GlassNode, a blockchain analysis company, has shared a new on -chain insight on the movement of Etherrium prices for the last few days. According to the Crypto platform, the most important level of ETH price is about $ 2,800.
The theoretical basis for this onchain observation is the cost -based distribution of ETH supply. The relevant indicators here are the Cost Basid Distribution (CBD), which reflects the supply of the gun Etherrium, which has an average cost standard within a specific price brace.
Source: @glassnode on X
As shown in the chart above, the CBD metric uses a heat map at a fixed price bracket level (vertical axis) for a given period (horizontal axis). This indicator provides insight into the trend of investor costs for a certain period of time.
GlassNode noted that there is a significant cluster for investor costs for $ 2,800 Etherum price. Basically, this means that some investors have acquired coins in this price area.
Furthermore, GlassNode explained that the Etherum price could witness a significant sales pressure as it approached about $ 2,800 in the CBD cluster. This phenomenon is based on the propensity of underwater investors.
This hotint revelation explains why Etherrium prices are more than $ 2,700 for the last few weeks. The second largest cryptocurrency is to exceed this supply barrier, so the demand for ETH around the CBD cluster must surpass the sales pressure.
At a glance, Etherrium price
At the time of this article, Ether Leeum token reflects a decrease of less than 1% in the last 24 hours, with about $ 2,0.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Istock's main image, TradingView chart
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