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The rapid explosion of bullish momentum in the crypto market in the last weeks of April saw Ethereum price close to the month above $ 1,800. However, Altcoin failed to finish the moon in income, doing April in the fourth consecutive month with a negative performance. According to the latest on-chain data, Ethereum price seems to be sitting above an important level of support, which can determine the altcoin trajectory over the next few weeks.
ETH price threatened to fall to $ 1,772
In a post of May 3 on the X platform, Crypto's well -known analyst Ali Martinez revealed That the price of Ethereum may be in a critical juncture that may decide in the short -term future. Based on the latest on-chain data, Altcoin is at risk of falling around $ 1,500 if it loses its support level in the coming days.
This on-chain examination of Ethereum price rotates at the average cost base of many Ethereum investors. In crypto trading, cost-basis analysis determines the price level capacity to serve as support or resistance based on the amount of coins last region's investors.
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As shown in the chart above, the dot size (green and red) represents and directly matches the number of ether tokens purchased within a price region. The larger the circle, the higher the cost of tokens purchased inside and around the price zone, and the stronger level or support is stronger.
According to data from the intoteblock, more than 6.36 million ETH tokens purchased 4.5 million addresses within a price range of $ 1,772 and $ 1,824 (at an average price of $ 1,799). As explained earlier, high purchase activity within this price zone led to the development of a major support level just under the current price.
Ethereum's price is expected to bounce back when it falls to this level. The justification behind this hopes is that when the ETH price returns to about $ 1,772, investors with cost base bases inside and around this level are likely to defend their positions by buying more tokens, helping the price to remain in the support region.
However, the highlighting chart shows that price levels under $ 1,772 support levels have less investor activity. This indicates that Ethereum price can fall around $ 1,500 without getting a break if $ 1,772 is damaged. On the flip side, the price of ETH can travel as high as $ 2,100 if this support level remains unimaginable, as there is no significant resistance to the fore.
Ethereum price at a glance
As this writing, the ETH token costs about $ 1,830, reflecting a nearly 1% increase in the past 24 hours.
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Featured image from Ishock, chart from tradingview
