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The rapid eruption of Bullish Momentum in the Cryptomarkt in the closing weeks of April saw the Ethereum price closing the month above $ 1,800. However, the Altcoin did not succeed in terminating in the profit month, so April became his fourth consecutive month with a negative performance. According to the latest data on the chain, the Ethereum price appears to be above a crucial level of support, which could determine the process of the Altcoin in the coming weeks.
ETH price that runs the risk of falling to $ 1,772
In a post on 3 May on the X platform, prominent crypto analyst Ali Martinez unveiled That the price of Ethereum is possible at a critical moment that the future could determine in the short term. Based on the latest data about the chains, the Altcoin runs the risk of falling around $ 1500 if it loses this support level in the coming days.
This evaluation at chains of the Ethereum price is all about the average cost-based cost of various Ethereum investors. In crypto-trade, the cost-based analysis determines the capacity of a price level to serve as support or resistance based on the volume of coins that was last obtained by investors in the region.
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As shown in the graph above, the size of the dot (green and red) represents and immediately corresponds to the number of ether tokens that has been purchased within a price area. The larger the circle, the higher the amount of tokens purchased in and around the price zone, and the stronger the resistance or support level.
According to Data from Intotheblock, more than 6.36 million ETH tokens were purchased with 4.5 million addresses within the price range of $ 1,772 and $ 1,824 (at an average price of $ 1,799). As explained earlier, the high purchase activity within this price zone has led to the formation of a large level of support just below the current price.
The Ethereum price is expected to bounce back when it falls to this level. The reason for this expectation is that when the ETH price returns to around $ 1,772, investors with their cost bases in and around this level will probably defend their positions by buying more tokens, which helps the price to keep the support region floating.
However, the marked graph shows that the price levels under the support level of $ 1,772 have considerably less investor activity. This suggests that the Ethereum price could fall to around $ 1500 without taking a break if $ 1,772 is violated. On the other hand, the ETH price from ETH to $ 2,100 can travel if this level of support is not shocked, because there is no significant resistance.
Ethereum -price at a glance
At the moment, the ETH -Token is appreciated at around $ 1,830, which reflects an increase of almost 1% in the last 24 hours.
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Featured image of Istock, graph of TradingView
Credit : www.newsbtc.com
