A Glassnode analyst has pointed out how Ethereum is retesting a dense supply cluster that could set the tone for where the cryptocurrency heads next.
Ethereum Is Trading At A Dense Level On The CBD
In a new post on X, Glassnode analyst Chris Beamish has talked about how Ethereum is looking from the perspective of the Cost Basis Distribution (CBD). The CBD is an on-chain indicator that tells us about the total amount of ETH that investors last purchased at the various levels that the cryptocurrency has visited in its history.
Below is the chart shared by Beamish that shows the CBD heatmap for Ethereum.
As is visible in the graph, Ethereum’s bottom in November gave rise to a dense supply cluster on the CBD around the $2,750 level. Interestingly, the zone has since acted as a support barrier for the asset multiple times.
The explanation behind this trend could lie in investor psychology. Generally, investors are sensitive to a retest of their cost basis since it can lead t
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