GlassNode: If the current market correction deepens, ETH could fall to $1,890

On February 28th, according to GlassNode analysis, if the current market correction deepens, ETH may fall to $1890, which is about 10% lower than the current price. The analysis shows that there is the largest accumulation below the $1890 price, with about 1.82 million ETH. These tokens were mainly bought in August 2023, indicating the existence of a group of cyclical investors with strong beliefs. Through two-year data analytics on the distribution of ETH cost bases, it was found that these investors not only started to accumulate in August 2023, but also further raised the cost base in November 2024, participating in the market rally, while not selling heavily at the high point of the range. If the price of ETH continues to decline, $2,100 will be the next important accumulation level, but this level is only about 500,000 ETH, well below the main support level in the $1,890 area. In addition, the data of the past six months shows that a group of higher-cost investors (especially around $3,500) continue to participate in the market, their costs are gradually decreasing and their concentration is increasing, indicating that they may continue to absorb market supply rather than opt out.