According to Maartunn, a community analyst at on-chain crypto analytics platform CryptoQuant, a significant amount of ETH currently sits under the current cost basis.
At the time of writing, Ethereum (ETH) was trading up 1.79% in the last 24 hours to $1,971 and up 7.94% weekly.
According to Maartunn, 67,000 ETH worth nearly $129.3 million were accumulated just slightly below Ethereum’s current price between $1,920 and $1,965, hinting at key support.
“67,000 ETH (nearly $129.3M) is stacked on Binance between $1,920 and $1,965—sitting directly under the current price,” Maartunn posted on X.
ETH got rejected from the $2,000 level on Tuesday. Ethereum reached a high of $2,041 on Tuesday, previously hitting $2,089 the previous day.
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Analysts say the recent rejection could push Ethereum toward the $1,850 to $1,900 support zone.
What’s next for ETH price?
Ethereum broadly remained in sideways trading between $1,742 and $2,148 since the start of February, indicating a tough battle between the bulls and the bears.
Buyers might need to close above $2,148, which is the resistance of the current range, to gain control. If this is done, Ethereum may rally to the 50-day SMA at $2,427 and, after that, to $3,045.
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On the other hand, if the Ethereum price turns down from current levels, it might indicate that sideways trading may continue further. The bears might return to the driver’s seat on a close below $1,742, which clears the path for a drop to $1,537.
Ethereum reverses weekly outflows
According to the most recent CoinShares report, crypto exchange-traded products pulled in $1.1 billion worth of funds last week, offsetting substantial losses in the weeks before. Ethereum funds added nearly $117 million last week, the largest since mid-January.
Before the prior week, crypto funds erased $4 billion over the past five weeks, according to CoinShares. There still remain signs on the market that institutional investors have not lost interest in adding crypto exposure with the recent inflows.