An analyst has explained that Ethereum could be set to see a further rally based on on-chain data. Here’s the level ETH may end up surpassing. Ethereum Has No Significant On-Chain Resistance Ahead In a new post on X, analyst Ali has discussed how Ethereum’s support and resistance levels are looking like based on on-chain data. In on-chain analysis, the potential for any level to provide any notable amount of support/resistance to the price depends on the number of investors who acquired their coins. Related Reading: $47,600 Or $38,600? What Could Be Next For Bitcoin Here is a chart that shows the amount of ETH that was bought at some of the price ranges that the asset has visited before: The density of cost basis at each of the different ETH price ranges | Source: @ali_charts on X The graph shows that the $2,235 to $2,302 range carries the cost basis of a significant number of coins. More specifically, 1.84 million addresses acquired more than 6 million ETH inside this range. Currently, the Ethereum price is trading just abov ..
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