Ethereum heatmap suggests that $2.70K is a key support zone where big players stepped in, and an important zone for ETH’s price action.
Ethereum has broken out of its long consolidation phase as investor confidence rises post-trade traffic wars and associated global economic fears. Recent on-chain metrics by Glassnode reveal that investors have been accumulating ETH during its price consolidation.
Ethereum’s Breakout
According to the data, over 2.1 million ETH were accumulated in the $ 2.70 K-$2.76 K zone. The heatmap of cost basis distribution suggests that investors bought nearly 1.3 million ETH in the $ 2.70 K-$2.74 K zone, and another 800K coins around the $2.76K level.
Following weeks of a consolidation phase, ETH has surged past this strong accumulation zone. According to CoinMarketCap, ETH is trading at around $2,830, an 8.40% price surge in the past 24 hours.
So, what does the heatmap tell?
Looking at Ethereum’s price action over the recent weeks, $ 2.70 K-$2.74 K acted as a key resistance zone for the coin’s bullishness. The red heatmap bands near $ 2.75 K-$2.80 K indicate heavy supply zones in the market. The $ 2.70K zone, a previous key resistance, is now Ethereum’s major support. ETH must hold above this zone to sustain the current bullish momentum.
Ethereum’s breakout has been backed by large investors, including institutional accumulation, as traditional investors consider digital assets for their portfolios. With smart money following ETH, the king of altcoins is poised for a bull rally. Investors are monitoring whale activity and market sentiment around these key levels for further insights.
