Ethereum Heavy Accumulation Between $2,772–$3,119 Suggests Support Near $3,100
On-chain data from Glassnode, highlighted by analyst Ali Martinez, shows concentrated Ethereum accumulation between $3,119 and $2,772. A large share of recent ETH purchases occurred in this band, which now acts as a key support zone near $3,100. Historical behavior suggests price revisiting areas with heavy buyer concentration often meets reduced selling pressure as holders are less willing to sell at a loss and buyers defend positions. Analysts expect limited downside while ETH remains above or within the $2,772–$3,119 range; a steady hold above ~$3,119 could reinforce bullish momentum. Conversely, a decisive break below $2,772, especially alongside continued outflows from spot Ethereum ETFs, may weaken this support and expose ETH to deeper correction. Primary keywords: Ethereum, ETH price, accumulation zone, support $3,100, spot Ethereum ETF.
Neutral
The news highlights large on-chain accumulation in a defined $2,772–$3,119 band, which functions as a technical support zone. That typically limits immediate downside because many holders have cost basis there and are less likely to sell, while buyers may defend the level — factors that are stabilizing rather than overtly bullish. If ETH holds above ~$3,119, it could catalyze renewed buying and a bullish bias; however, the article notes that a decisive break below $2,772, particularly if combined with outflows from spot Ethereum ETFs, would be bearish and could trigger deeper declines. Similar past events: concentrated accumulation bands around key levels (e.g., BTC accumulation zones in 2020–2021) often provided multi-week support and dampened volatility until macro catalysts (ETF flows, macro rates) changed the trend. For traders: short-term implications are reduced immediate downside and potential range-bound trades between the band and resistance; risk remains if ETF flows turn negative or macro sentiment worsens. Long-term effects depend on whether accumulation consolidates into renewed demand (bullish) or is overwhelmed by large outflows (bearish). Thus the impact is best classified as neutral — stabilizing for now but conditional on ETF flows and macro drivers.