On-chain data shows that more than 1.3 million ETH were held at this price level, which makes it the next key area that bulls must surpass for a continued upswing. Furthermore, Glassnode noted that the supply at this point dropped to 1 million ETH, showing that holders were exiting the market near a cost basis as the price moved closer to this point.
Following his examination, Ali Martinez pointed out a critical price range between $2,060 and $2,420. According to the on-chain analyst, this is the most important support floor for Ethereum, as a substantial amount of ETH is being held by investors at this point.
