Ethereum has traded within a tight cost-basis cluster spanning roughly $2,900 to $3,100, placing the price at a critical breakeven zone for many holders. Analytics firm Glassnode’s Cost Basis Distribution Heatmap shows a large concentration of ETH supply last acquired near current prices, suggesting a broad cohort of investors sit near break-even. Such zones are typically marked by heightened market sensitivity, where small price moves can prompt holders to adjust exposure more quickly than in thinner liquidity areas.
The heatmap also identifies a secondary accumulation band between about $3,300 and $3,500, indicating another pocket of demand at higher levels. That area corresponds to prior consolidation phases within the broader cycle. In recent months, ETH has struggled to sustain gains into this region, reflecting overhead supply from holders at or near those prices.
Below the primary breakeven cluster, historical accumulation thins notably beneath $2,700, where the heatmap shows fewer ETH holdings. If price were to break decisively below the current band, demand tied to cost basis would likely weaken, amplifying sensitivity to directional flows. Current on-chain data portrays ETH trading at a major holder breakeven zone, with a dense concentration of supply acquired near current levels.
Further down, cost-basis measures suggest thinner historical support, making the market more responsive if prices depart from the cluster. Trading volume has moderated versus earlier spikes, implying that price discovery is unfolding through absorption rather than expansion.
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