GlassNode: If the current market adjustment deepens, ETH may drop to $1890

ChainCatcher news, according to GlassNode analysis, if the current market adjustment deepens, ETH may drop to $1890, a decrease of about 10% from the current price. The analysis shows that there is the largest accumulation below the $1890 price level, with approximately 1.82 million ETH. These tokens were mainly purchased in August 2023, indicating the presence of a group of cyclical investors with strong conviction. An analysis of two years of data on ETH cost basis distribution reveals that these investors not only began accumulating in August 2023 but also further increased their cost basis in November 2024, participating in the market rebound while not massively selling off at the peak of the range.

If the ETH price continues to decline, $2100 will be the next important accumulation level, but this level only has about 500,000 ETH, far below the major support level of the $1890 area. In addition, data from the past six months shows that a group of higher-cost investors (especially around $3500) has continued to participate in the market, with their costs gradually decreasing and concentration increasing, indicating that they may be continuously absorbing market supply rather than choosing to exit.