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The price of Ethereum 
$2,516 has tested significant support levels due to a market-wide correction. Glassnode has identified $1,890 as the strongest accumulation zone for ETH, indicating that this price threshold may represent a robust support area. However, should selling pressure increase, the price could drop below this level and further decline.
The Strongest Ethereum Accumulation Zone: $1,890
Glassnode’s Cost Basis Distribution (CBD) data reveals that the most substantial accumulation for Ethereum occurred at the $1,890 mark, with a total of 1.82 million ETH purchased at this level. Consequently, it is anticipated that investors will defend this price point and provide support for ETH.
This accumulation zone emerged in August 2023, attracting numerous investors to purchase ETH at this price. Investors, who focus on long-term market cycles, prefer to preserve their assets rather than react to short-term price fluctuations. The strength of this support region has remained robust, as Ethereum holders avoid selling at a loss.
If $2,100 Support Breaks, $1,890 Becomes Crucial
If the downward trend in Ethereum continues, the next significant support level will be $2,100. However, with only 500,000 ETH purchased at this level, it is essential to recognize that this price point is weaker. Should the price fall below $2,100, the $1,890 level will serve as a crucial defensive line.
Moreover, if the ETH price drops beneath $1,890, selling may accelerate. Investors who bought at this price point may be inclined to sell their ETH to minimize losses, potentially leading to a more severe price decline for Ethereum.
