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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Ethereum Nears $2,800 Break-Even Zone: Why This Is Important For Rally To $3,000

Scott Matherson
Scott Matherson
3 months ago
3 mins read
Ethereum

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Ethereum’s recent price momentum, along with the rest of the market, kept investors on edge during the week as it pressed closer toward the $2,800 level. However, Ethereum struggled to push past $2,750 during the week, briefly hitting resistance as bulls tried to extend the current uptrend. 

Interestingly, on-chain data shows that this may be a reaction to a major cluster of buy levels around $2,800, which may increase sell-side pressure in the coming days.

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$2,800 Zone Heats Up With Investor Cost Basis Cluster

After rebounding from a low near $1,600 in April, Ethereum recovered more than half of its losses last week from its peak near $3,800 in December 2024. According to on-chain analytics platform Glassnode, there is a significant accumulation of Ethereum supply held by investors who bought in near the $2,800 price range. This concentration, visualized in Glassnode’s cost-basis heatmap, shows a notable density of wallet activity precisely at this level. 

The implication of this concentration is simple: a large number of ETH holders who have been underwater since early 2025 are finally seeing a chance to exit at breakeven as the Ethereum price approaches $2,800. As such, selling pressure may increase as the Ethereum price approaches this level. The logic is that these investors who have been underwater may use this rally to secure neutral exits. That sort of sell-side pressure can act as a cap on the rally, unless demand is strong enough to absorb the supply hitting the market. 

The heatmap below shows a large cluster of supply density just below $2,800, which Ethereum must decisively overcome to continue its path toward reclaiming $3,000. 

Image From Glassnode

Some Resistance Above, But Strong Support Below

Given the possibility of the $2,800 level acting as a challenging price ceiling during the week, different on-chain data shows Ethereum enjoying strong support beneath the current price level. 

ETH is currently trading at $2,483. Chart: TradingView

According to a post on X by crypto analyst Ali Martinez, blockchain data from Sentora (formerly IntoTheBlock) shows that Ethereum holders have built a robust demand zone between $2,330 and $2,410. This area hosts 2.58 million addresses holding over 63.65 million ETH, making it an important support floor.

Image From X: @ali_charts

At the time of writing, Ethereum is trading around $2,500, down by 2% in the past 24 hours. The current price range puts the price of the largest altcoin squarely between a band of selling pressure overhead and a solid cushion of demand below. 

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Interestingly, there are no significant resistance walls aside from the cost basis levels around $2,800, meaning that a convincing breakout above $2,800 could push the Ethereum price quickly towards $3,000. The balance of probabilities now rests on whether bullish momentum can break through the resistance cluster or whether a pullback toward the $2,370 zone will reset the rally. 

Featured image from Unsplash, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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