Despite the recent slowdown in price appreciation, Ethereum is still showing signs of strength as traders continue to show resilience amid price fluctuations.
On Wednesday, December 11th, popular cryptocurrency analyst Ali Martinez revealed the following: data This revealed that Ethereum has formed two major support walls below the current price level.
ETH holders scoop around $2,800 and $3,150 at high prices
Martinez provided his analysis while sharing Glassnode’s latest cost-based distribution heatmap. This shows that a large number of Ethereum holders are accumulating large amounts of ETH around $3,150 and $2,800.
In particular, the data shows that around 2.8 million ETH was accumulated at the $3,150 level and even more at $2,800.
This level represents a high concentration of investors on a cost basis, but it also creates a strong demand zone that helps stabilize Ethereum’s price against further volatility.
large amount Ethereum The fact that traders are buying at $3,150 means that most of the market is currently located near the support level. Therefore, there is a small chance that ETH will fall below that price level as buyers will want to step in to protect it.
Meanwhile, Ethereum has formed an even larger support wall at $2,800, where over 3.6 million ETH has accumulated, marking one of Ethereum’s strongest demand zones this year.
This means that if the crypto market experiences a more severe correction in the future, buyers may protect $2,800 to limit the loss of their assets.
Ethereum slowed in its recent rally, but still managed to close above the key support level at $3,150, and the asset’s resilience above the key support barrier suggests it could resume the uptrend, raising hopes for the long-awaited $5,000 target.
As part of Ethereum’s future outlook, large investors believe: bitmine continues to scoop up a ton of assets and has no plans to slow down.
