On-chain analysis shows that over 3 million ETH tokens are held by investors with an average cost basis near $2,800, significantly above current market levels around $2,154. Cost-basis clusters historically act as price magnets during rallies, as holders may defend these entry points or add exposure when price approaches them. With relatively thin supply concentration between current levels and the $2,800 zone, a sustained upward move could encounter limited resistance in that range.
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