GlassNode: ETH could fall to $1,890 if current market correction deepens

According to GlassNode analysis, if the current market correction deepens, ETH may fall to $1890, a decrease of about 10% from the current price. The analysis shows that there is a significant accumulation below the $1890 price level, with approximately 1.82 million ETH. These tokens were mainly bought in August 2023, indicating the presence of a group of cyclical investors with strong beliefs. Analysis of two years of data on the distribution of ETH cost basis shows that these investors not only started accumulating in August 2023, but also further increased their cost basis in November 2024, participating in the market rebound, and did not engage in large-scale selling at high points. If the ETH price continues to decline, $2100 will be the next important accumulation level, but this level only has about 500,000 ETH, much lower than the main support level in the $1890 range. In addition, data from the past six months shows that a group of investors with higher costs (especially around $3500) continue to participate in the market, with their costs gradually decreasing and concentration increasing, indicating that they may be continuously absorbing market supply rather than choosing to exit.