PANews reported on June 11 that according to Glassnode data, Ethereum (ETH) has broken out of a one-month consolidation range. The cost basis distribution shows that 1.3 million ETH are held in the $2,700-2,740 range, and 800,000 ETH are accumulated around $2,760. These investors bought during the consolidation period, which may form a strong support area.

Above the spot price, the cost basis is evenly distributed, with 200,000 to 400,000 ETH held for every $50 bandwidth in the $2,760-3,420 range, with no obvious resistance until $3,417, where about 608,000 ETH are held. If the $2,700-2,760 support range remains valid, ETH is technically expected to hit $3,420. However, the market reaction of holders in the $2,800-3,300 range will determine the speed of ETH's rise.