According to the on-chain analytics platform, Ethereum, the second-largest cryptocurrency by market capitalization, appears to be bound to ranges between $1,548 and $1,599, with 793,900 and 732,400 ETHs held respectively, according to GlassNode.
This remains important, but what’s more attention is the support zone, which is around $1,461. According to GlassNode, support may be built at this key level. At this level, a whopping 380,000 ETH has been accumulated.
Looking at the cost-based distribution, #Bitcoin builds notable support at $79K, with about 40K$BTC accumulated there. It also worked through a $82.08K cluster (~51k$BTC). If this level is maintained, the next test is 83.5k, 48.5k $btc placement: https://t.co/yqeq2uwjlv pic.twitter.com/9ae3udst2o
– GlassNode (@GlassNode) April 11, 2025
This could serve as a price defense for ETH and could mitigate further downsides soon, GlassNode noted.
This accumulation serves as a buffer for ETH prices and provides a safety net when prices drop even further. The market as a whole is cautious, but such large holdings around key price levels frequently suggest that investors may be positioning themselves for potential rebounds, or at least expecting short-term stability.
What’s next for ETH prices?
This week, Ethereum prices continue to trend Zigzag. At the press conference, ETH dropped 2.3% to $1,551 over the past 24 hours, extending the decline, which fell 13% the previous week, despite an average of 2% decline in most majors over the same period.
If it breaks in either direction from $1,548 and $1,599, ETH will escape current range trading. This will target ETH $2,022 and $2,809 respectively. This corresponds to daily SMA 50 and 200, respectively.
If a drop occurs, if Ethereum maintains a footing above the $1,461 level, then we can raise the base of the next leg, assuming that market sentiment will improve. Unless there is a large shift, ETH remains bound to range, with traders looking closely at both resistance and support levels.
Crypto analyst Ali said that the dormant flow after Ethereum entity adjustment has dropped to less than 1 million. This historically indicates the macrobottom zone. This means that ETH is undervalued and less likely to sell by long-term holders. It may suggest that low emotion or surrender may have occurred, or that continuous accumulation may have occurred.
