Glassnode: Ethereum forms potential support at $2700-2760, technically expected to impact $3420

According to Glassnode data, Ethereum (ETH) has broken through a one month consolidation range. The cost base distribution shows that 1.3 million ETH are held in the range of $2700-2740, and 800000 ETH are accumulated around $2760. These investors bought during the consolidation period, which may form a strong support zone. Above the spot price, the cost base is relatively evenly distributed, with 200000 to 400000 ETH held for every $50 bandwidth in the range of $2760 to $3420, without obvious resistance levels, until there are approximately 608000 ETH held at $3417. If the support range of $2700-2760 remains valid, ETH is technically expected to hit $3420. But the market reaction of holders in the $2800-3300 range will determine the speed of ETH's rise.