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Ethereum 
$2,342 has reached a significant point concerning on-chain metrics and investor behavior. Analysis data suggests that the ETH price may have hit a potential bottom. Notably, Glassnode’s assessments indicate that investor accumulation is particularly noticeable at specific price levels, with the $1886 mark potentially forming a short-term support point. The overall liquidity situation in the market also emerges as a key factor influencing Ethereum’s price movements.
Accumulation Around $1886 for Ethereum
Blockchain analysis firm Glassnode examined Ethereum’s Cost Basis Distribution (CBD) heatmap. This map reveals price support and resistance zones by determining investors’ cost bases. According to the data, Ethereum investors are notably concentrated around the $1886 level.
This situation indicates that the price may find robust support at this level. Historical data shows that after similar accumulations, prices tended to recover. The psychological aspect of investors purchasing ETH at specific levels also contributes to support at these price points.
Impact of Increased Stablecoin Supply on Ethereum
The increase in stablecoin supply is emerging as an influential factor in Ethereum’s price movements. According to Glassnode’s report, total stablecoin supply has risen by approximately $20.17 billion, reflecting a 10.9% increase since January 1. This growth indicates an influx of new liquidity into the markets.
The entry of stablecoins demonstrates an increase in purchasing power among investors. Greater liquidity is seen as a significant element that could trigger price movements in cryptocurrency markets, with Ethereum likely to benefit from this increased activity. The Capitulation Metric also stands out as another indicator supporting Ethereum’s potential bottom level, as similar past metric movements led to price surges.
