In line with major losses across the crypto market, Ethereum (ETH) declined by 17.08% in the past week reaching as low as $2,104. While the prominent altcoin has shown some minor gains in the past 12 hours, the general market sentiment remains bearish.
ETH Correction Likely Headed To $1,890 – Here’s Why
The ETH market is currently navigating a strong market correction with several analysts now spotlighting potential key support levels. According to prominent on-chain analytics firm Glassnode, data from the Cost Basis Distribution (CBD) metric indicates Ethereum is poised for a decline to $1,890 which represents its next major accumulation zone.
For context, CBD is used to identify significant levels of an asset’s accumulation or distribution. These identified zones often act as support or resistance and are influential on price actions. Analysts at Glassnodes state that the major ETH accumulation zone below its current price is $1,890 at which investors acquired a
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