Ethereum inside major Cost Basis cluster as market weighs next move

Ethereum is trading within a dense cost basis cluster, placing price at a key breakeven zone for a large share of holders, according to onchain data from Glassnode.

The firm’s Cost Basis Distribution Heatmap shows a high concentration of ETH supply last acquired near current price levels, indicating that many holders are positioned close to breakeven. 

Such zones typically represent areas of heightened market sensitivity, where small price moves can influence holder behaviour more sharply than in thinner liquidity regions.

Ethereum Cost Basis data points to elevated friction at key price levels

Analysis of the Cost Basis Distribution Heatmap shows the densest concentration of Ethereum supply clustered between roughly $2,900 and $3,100. This places the current price directly inside a major breakeven zone for a large share of holders.

This band represents the most significant area of historical accumulation on the chart, indicating that many ETH holders last acquired tokens within this range. 

As a result, price action here tends to encounter higher friction, as marginal moves can prompt holders to reassess whether to hold, reduce exposure, or add positions.

Source: Glassnode

Above current levels, the heatmap highlights a secondary accumulation zone between $3,300 and $3,500. 

The area reflects prior consolidation during earlier phases of the market cycle. ETH has struggled to sustain moves into this region in recent months, consistent with overhead supply from holders near those levels.

Below the primary cluster, historical accumulation thins notably below $2,700, where the heatmap shows fewer ETH holdings. 

This suggests that if price were to move decisively below the current breakeven band, it would enter an area with less natural cost-basis-related demand, increasing sensitivity to directional flows.

Ethereum price remains range-bound as moving averages converge

Ethereum was trading around $2,930–$2,950 at the time of writing, remaining below its 50-day and 200-day moving averages, which currently sit near the low-$3,000 region.

Since November, ETH has largely traded within a broad sideways range after a sharp drawdown from October highs. 

Source: TradingView

Recent sessions show muted follow-through on both rebounds and pullbacks, consistent with price operating within a dense cost basis zone rather than a clear trend.

Trading volume has also moderated compared with earlier volatility spikes, reinforcing the view that price discovery is occurring through absorption rather than expansion.

Market structure, not sentiment, driving near-term dynamics

While sustained holding within the zone can indicate absorption, a decisive move away from it can expose price to faster repricing.

At present, however, onchain data shows ETH neither reclaiming higher cost basis bands nor breaking decisively below the cluster.

That positioning suggests market participants are still negotiating value rather than responding to a dominant directional catalyst.

Final Thoughts

• ETH is trading at a major holder breakeven zone, with onchain data showing a dense concentration of supply acquired near current prices.
• Below this range, cost basis data indicates thinner historical support, increasing sensitivity if price moves decisively away from the cluster.