TechFlow news, June 11 — According to Glassnode data, Ethereum has just broken out of a one-month range-bound movement. The cost basis distribution shows a holding of 1.3 million ETH between $2,700 and $2,760, forming a strong support zone. Above the spot price, the cost distribution is relatively even, with each ~$50 range holding 200,000–400,000 ETH, until reaching a major resistance level at $3,417 (approximately 608,000 ETH).
Analysis suggests that if the $2,700–$2,760 support holds, ETH could technically target $3,420. However, the reaction of holders within the $2,800–$3,300 range will determine the pace of any upward move. Notably, ETH has risen 47.5% quarter-to-date, reflecting strong market performance.
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