There is no doubt that the price of Ethereum is in a better place in the last weeks than it was in the first quarter of the year. However, “King of Altcoins” appears to be stuck in a loop – one that includes repeated impulses at a specific price level.
After riding the bullish momentum for the week, the ETHEREUM price has faced great pressure over $ 2700, and has been destroyed since then to where the week began. Below is the main factor of ETH struggles above $ 2700.
What happens for ETH price above $ 2700?
In the May 24 publication on X, Glassnode Glassnode subscriber New visions on the series in the ETHEREUM price movement in the past few days. According to the encryption platform, the next most important level of the ETH price lies in about 2800 dollars.
The logical basis behind this note on the chain is the cost distribution to supply ETH. The relevant scale here is the cost basis distribution (CBD), which reflects the total ETHEREUM supplies that are kept with addresses with average cost within specific price arches.
Source: @glassnode on X
As shown in the above graph, the CBD scale uses the heat map with fixed price chip levels (on the vertical axis) for a certain period (on the horizontal axis). This indicator offers an insight into the trend transformations at the basis of the investor cost over a specified period.
Glassnode notice that there is a large group of Costal cost distribution About 2800 dollars ETHEREUM price level. Basically, this means that many investors have acquired their coins around this region.
After moving forward, Glassnode explained that the price of ETHEREUM may witness great pressure from the sale side as the CBD group approaches about $ 2800. This phenomenon depends on the tendency of many underwater investors to search for their assets near Breakeven.
This revelation on the series shows the reason for facing the price of ETHEREUM rejection over the brand of $ 2700 in the past few weeks. For the second largest encrypted currency to fracture above this width barrier, the demand for ETH should exceed the CBD sale compression.
Ethereum price at a glance
From writing these lines, the value of the ETHEREUM code is estimated at $ 2.0, which reflects a decrease less than 1 % in the past 24 hours.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Distinctive image from Istock, tradingvief chart
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