Grayscale Ethereum (ETH) fund has been in the spotlight lately as it nears its annual highs, despite a substantial decrease in the price of Ether itself, which has fallen by more than 20%.

Historically, around 5.1 million ETH were acquired at prices around the low $1,600s. This indicates that this specific price range has consistently acted as a robust support level for the cryptocurrency. Whenever ETH’s price dipped into this range, buyers entered the market to accumulate, demonstrating their confidence in its value at this level.

Conversely, about 6.5 million ETH have been acquired at prices in the high $1,600s. These holdings establish a substantial resistance zone, as those who made purchases at these levels might be considering exiting the market to minimize their losses. This resistance has the potential to serve as a barrier, preventing the price from surging beyond this specific range.

The current market conditions suggest that buyers and sellers are actively participating in transactions within a relatively narrow price band. Interestingly, this range aligns with the accumulation of ETH positions at distinct price levels.

Grayscale Ethereum Trust was acknowledged as the second-largest holder of Ethereum (ETH) globally by Arkham Intelligence in a tweet dated September 1. The trust holds approximately $5 billion worth of ETH. This recognition follows a legal victory on August 29, when courts overturned the U.S. Securities and Exchange Commission’s (SEC) prior rejection. This legal development means that the SEC must now review Grayscale’s proposal to convert its GBTC fund into a Bitcoin ETF, though approval is not guaranteed.

This news is only analytical and informative and is not a recommendation for investment in any way.