Ether accumulation data points to a rally toward $2.8K, but there’s a catch

Ether bulls appear to be targeting $2,800 as their next stop, but ETH futures data shows a divided market with limited odds for a sustained 33% rally.

After reaching a monthly high of $2,209 on Friday, Ether (ETH) price fell back below a key monthly resistance, which has been tested five times since February.

While onchain data highlights a large cluster of investors near $2,800, Ether’s futures market data shows traders are scaling back positions after this week’s rally.

Data from Glassnode indicated that ETH’s cost-basis distribution heatmap shows a heavy accumulation near $2,800, where more than 3 million ETH were previously purchased.

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