Approximately 4.1 million Ethereum addresses acquired their holdings at an average cost basis of $3,100, according to on-chain data analysis. This price concentration establishes $3,100 as a critical psychological and financial threshold for nearly 13% of observable Ethereum addresses.
Market observers indicate this price level could trigger significant selling pressure if Ethereum approaches or breaches the $3,100 mark. Such movement might prompt widespread sell orders as investors seek to minimize losses by exiting near their break-even point.
The concentration of addresses at this value creates a notable support-turned-resistance level that could substantially influence Ethereum’s price discovery mechanism. Market analysts are monitoring this threshold as a key indicator of potential bearish momentum should downward price action accelerate toward this critical zone.