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Ethereum is currently retesting a crucial price level that could determine its next major move. According to Glassnode analyst Chris Beamish, the $2,750 zone could play a pivotal role in Ethereum’s price trajectory. This level, identified using the Cost Basis Distribution (CBD) metric, has acted as a support zone since Ethereum’s recent bottom in November 2025.

$ETH is trading on a dense cost basis cluster, a key breakeven zone for many holders. Holding here suggests absorption and base building, but a breakdown would move price into thinner support where underwater supply may derisk.
Next move hinges on this level.… pic.twitter.com/iI4jaX8zf6

— Chris Beamish (@ChrisBeamish_) January 27, 2026

Ethereum’s Retest of the $2,750 Level

Chris Beamish shared his analysis of Ethereum’s behavior around the $2,750 level, referencing the CBD heatmap. This on-chain indicator tracks the price points at which investors last purchased Ethereum, helping gauge investor sentiment. The heatmap shows that Ethereum’s bottom in November led to a dense supply cluster at $2,750, which has since provided support.

Ethereum has tested this level multiple times in the past, including two occasions in December. Each time, Ethereum has bounced back, suggesting that investors have been accumulating Ethereum to defend their break-even level. Beamish explains that investors tend to act when Ethereum retests their cost basis, either by selling to avoid losses or buying more to defend their position.

Investor Psychology Behind the $2,750 Cluster

The behavior around the $2,750 level can be attributed to investor psychology. As Beamish notes, “Investors are sensitive to a retest of their cost basis because it directly affects their profit-loss balance.” This sentiment creates a dynamic where Ethereum holders are motivated to act when the price revisits their break-even point, which often results in price rebounds.

When Ethereum moves back above this level, holders are more likely to defend their position by accumulating more of the asset. This was observed in December when Ethereum bounced after testing the $2,750 cluster. However, Beamish cautions that a breakdown below this level could signal a shift in market sentiment, leading to further downside for Ethereum.

In another development, Ethereum has seen a sharp decline in transaction fees, according to recent data from Glassnode. The transaction fees on the Ethereum blockchain have dropped to their lowest levels since May 2017. This decline could signal a reduction in overall network activity, with fewer transactions taking place on the Ethereum network.

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