Glassnode: It is reasonable for Ethereum to rebound to the resistance level of $2200 in the short term

ChainCatcher message, Glassnode released data on social media stating that the cost basis distribution of ETH shows potential locations for forming short-term support levels. Although the price of ETH briefly fell below the major accumulation area of $1880, addresses at this level have hardly responded during this decline, and a new accumulation range has appeared at $1900 (600,000 to 700,000 ETH).

This suggests that if ETH consolidates at the current level, $1900 may become a support level. The upper level of $2200 (accumulating 465,000 ETH) is a potential next resistance level. The supply gap between $1900 and $2200 remains relatively small, making it reasonable for the ETH price to rise to the resistance level in the short term.