Ethereum Builds a Massive Cost-Basis Wall at $3.15K

As the largest part of the cryptocurrency market remains red, data highlights a significant development for Ethereum (ETH), in which a massive 2.53 million ETH were accumulated around $3,150, creating one of the strongest support zones in the current market structure.

Specifically, renowned crypto trading expert Ali Martinez shared the finding in the form of Ethereum’s Cost Basis Distribution Heatmap, a visualization showing where large clusters of supply last moved on-chain, in an X post on November 14.

Why $3,150 Matters

Indeed, cost-basis heatmaps reveal areas where strong buyer interest historically occurred. These zones often act as natural support during downtrends. The cluster around $3,150 stands out sharply for ETH, representing one of the densest regions of realized price activity in recent months.

Also, in practical terms, this means that a large number of ETH holders established their cost basis in the $3.1K range, that these holders are likely to defend the level aggressively, and that losing this support could trigger elevated volatility or deeper retracement.

ETH Price Context

Ethereum has recently pulled back from its upper range, and as the price has dropped under the $3,150 zone, traders are paying close attention. Historically, large realized-price clusters have acted as magnets for price, either stabilizing corrections or providing strong bounce zones.

For the time being, ETH is changing hands at the price of $3,122.79, which indicates a 10.73% dip in the last 24 hours, a decline of 3.62% across the previous seven days, and an accumulated decline of 23.6% on its monthly chart, per the latest data.

All things considered, accumulations of this magnitude typically indicate institutional or whale participation, high-confidence buying during volatility, and a price level seen as ‘fair value’ by large segments of the market. With 2.53 million ETH anchored to this zone, it stands out as the most pivotal support in Ethereum’s current structure.

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