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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.
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
