Ethereum price is difficult to hold more than $2,500 – note this support level
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Ethereum price performance in May was pleasant, soaring more than 35% over the past two weeks. Altcoin’s price has been working hard for the past few days after a strong effort on Tuesday, May 13.
The price of ETH does exceed $2,500 for the past week, bounced from the psychological level on Thursday, May 15. However, recent struggles seem to have become more complicated over the weekend, with Ethereum losing $2,500 levels.
The next support pad for ETH price
Ali Martinez, a well-known crypto analyst, landed on social media platform X, sharing interesting link prospects for Ethereum prices and the latest bullish momentum. After ETH dropped below $2,500, online experts have identified the next important level of support for Altcoin.
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The assessment revolves around the average cost basis for several Ethereum investors. Cost-based analysis basically measures the ability of a price level to act as support or resistance – based on the total amount of coins last purchased by an investor at this level.
As shown in the above figure, the size of the circle is directly related to the number of ETH tokens purchased within each price zone and the importance of that zone as support or resistor.
Essentially, the larger the point, the higher the number of tokens, and the stronger the support or resistance. Green points are support (usually below the current price), while red points indicate resistance (because they are above the asset price).
Data provided by Sontora (formerly intotheblock) suggests that the main support for Ethereum prices is about $2,354 – $2,430, with 2.64 million addresses in 63.9 million tokens (buyed at $153.04 billion, with an average price of $2,395).
As Martinez highlighted, this price range will serve as a chain pad for ETH prices, because if the price falls below the $2,400 price, investors who put their cost base near that level may defend their position by buying more tokens. Fresh buying pressure around this price zone will help cope with downward pressure, thus allowing Ethereum prices to float.
The highlighted chart shows that Ethereum prices are all clear blue skies with no obvious resistance. However, AltCoin will need to stay above the $2,400 level, or the risk drops to $2,200.
Ethereum price at a glance
As of this writing, ETH priced at about $2,480, reflecting 0.7% of the past 24 hours. According to Coingecko, Altcoin fell nearly 4% over the weekly timeframe.
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Featured images from Istock, charts for TradingView
