Ethereum ($ETH) is facing considerable decline in price. As per the data from Glassnode, Ethereum is going through a significant downward pressure while there is a limited support around the present price level. The crypto market intelligence firm took to social media to discuss Ethereum’s current market activity and a probable sell-off.
Recent Ethereum Sell-Off Leads to Substantial Selling Pressure with Slight Price Support
The Cost Basis Distribution of Ethereum reportedly signifies that several investors who at first obtained $ETH at nearly $1,800 have engaged with the market for another time. This deficiency in buying activity added to Ethereum’s failure to hold on to this level during recent sell-off. In addition to this, a few of the investors have been selling the $ETH coins in their possession at a loss.
Apart from that, the clusters of 25,000 $ETH with the cost bases ranging within $2,000-$2,050 reportedly vanished from the overall on-chain data as of March 28. This discloses that holders buying $ETH coins at these levels capitulated during the market dip. However, some investors with increased cost bases have been averaging buying $ETH at decreased prices.
$1,537 Mark Underscores Crucial Price Level for Potential Purchasing Interest
Nonetheless, the wider accumulation is presently muted at the latest levels. While evaluating the market, the most significant support in the price structure of Ethereum now stands at approximately $1,537. This is the point where 994,000 $ETH coins were formerly acquired. This makes it a noteworthy zone for likely purchasing interest in the case of a continuous downward trend.
As per Glassnode, the next notable price movement will potentially be impacted by macroeconomic conditions and investor sentiment. A rebound over the resistance level of $1,800 could support confidence among crypto market participants. On the other hand, a failure to hold on $1,537 might push toward another phase of considerable selling pressure.
