Ethereum climbed to a monthly high of $2,209 this week before pulling back. Now new on-chain data suggests the next big target could sit around $2,800.
Data from Glassnode shows a large accumulation zone near $2,800. More than 3 million ETH were previously bought at that level. These cost-basis clusters often act like magnets, as investors defend their entry prices.
There is also little historical supply between $2,200 and $2,800. That means if ETH breaks above its current range, the price could move more freely toward that zone.
Technically, the 200-day moving average also sits near $2,800. Ethereum has not tested that key level since early January.
However, there is a catch. Futures market data shows traders are becoming cautious. Open interest jumped 21% during the rally toward $2,200, but it later dropped about 6% after the price hit resistance.
This suggests some traders took profits instead of adding new positions. Order flow data also shows buying pressure faded as ETH approached $2,150.
Right now, about 59% of Binance futures traders hold long positions. That balanced setup often leads to choppy price action rather than a clean breakout.
In short, past accumulation points toward a possible rally to $2,800. But unless momentum returns, Ethereum may continue to struggle near its current range.
