Ethereum ($ETH) price dynamics are being shaped by historical accumulation patterns. Glassnode’s latest cost basis distribution data highlighting key support and resistance levels. The on-chain analytics firm shared on X that $1.9K is the potential support zone for ETH while $2.2K is the resistance area.

Short-Term Outlook: $1.9K as a Key Level for Ethereum

Over the past week, Ethereum briefly dipped below the $1.88K accumulation cluster. However, addresses at this level showed little engagement, says Glassnode. Instead, fresh accumulation surfaced at $1.9K, with wallets absorbing between 600,000 to 700,000 ETH. This suggests that if Ethereum consolidates at its current levels, $1.9K could solidify as a short-term support zone.

On the upside, the next major resistance sits at $2.2K, where approximately 465,000 ETH is held. The gap between these two levels remains relatively thin, which means that a short-term move towards resistance is plausible if market conditions remain stable.

Six-Month Trend: Accumulation Over Redistribution

A broader view of Ethereum’s cost basis trends over the past six months reveals a pattern of strategic accumulation. Addresses that previously held ETH at the $3.4K level in January have gradually adjusted their cost basis downward to $3.1K, now collectively holding 1.7 million ETH at that level. This means these addresses have bought the dip to lower their avg buying price.

Meanwhile, the $1.8K supply cluster which consists of 1.5 million ETH has remained largely dormant since accumulation in November 2024. However, a resurgence of activity in early March 2025 suggests renewed investor interest at this price level.

Three-Year Perspective: Strategic Buying Patterns

Looking at long-term behavior, Glassnode data suggests that investors have consistently bought into Ethereum dips without offloading their holdings at local tops. Major accumulation zones in the past three years include $2.9K in April 2024, $2.4K in November 2024, and $1.8K in March 2025.

This pattern indicates a trend of sustained accumulation at key price levels, suggesting that long-term holders remain confident in Ethereum’s value proposition despite market fluctuations.

With $1.9K emerging as a potential support and $2.2K acting as the next resistance, Ethereum’s price movements in the short term will likely depend on whether buying interest at these levels continues.