Ethereum currently has powerful support after USD 2,200, but one of the analysts indicated that if the level fails, the next region to view can be USD 1160.

Data on the chain show a powerful Ethereum demand zone near USD 2,200

In fresh post WX Analyst Ali Martinez talked about where the support of lies for Ethereum based on chain data. In the analysis in the chain, the levels are considered the main support/resistance zones if they are covered by the basis of the cost or level of acquisitions of a significant part of the ETH supply.

The reason for this is the fact that investors more often show a reaction when renewing from the threshold, reaction threshold. This purchase/sale is irrelevant to a wider market, if only a few owners are tested at the same time, but history can be different when the basics of gigantic quantities are re -reasons.

Below is a chart divided by an analyst, which shows how different price levels around the current point price Ethereum are currently looking in terms of the amount of purchased supply.

On the chart, the size of the dot corresponds to the amount of Ethereum supply contained in the related price range. It seems that, apart from the above -mentioned ranges, from $ 2,2,38 to USD 2396, they currently have the largest dot, which means that they are the most supplying.

More precisely, this range has a cost basis for 6.28 million addresses, which bought a total of 67.2 million ETH at their levels. Considering this fact, it is possible that if the reach is renewed, investors can demonstrate a powerful reaction.

But what would it be a reaction by buying or selling? Well, these investors are now profit and usually such owners have doubled the assets of the asset during the decline in the takeover sign, because they can think that the same price level would prove to be again profitable in the future.

As such, a range from USD 2218 to USD 2,396 may end in action as a powerful level of support for Ethereum. In the script that ETH is falling below the bottom of the range of around 2,200 USD, it may be necessary to rely on support elsewhere.

The table shows that all the following ranges are much smaller in terms of supply. Another main support zone lies as much as $ 1160, where 35.9 million addresses have purchased USD 21.58 million.

Of course, Ethereum does not have to move to this zone if $ 2,80 has been lost, but if the data is to go, he suggests that the coin may have a more tough time to recover the foot under it.

Price ETH

For now, Ethereum maintains over the chain demand zone, because its price swims around USD 2,475.

A distinguished painting with Dall-E, Sentora.com, Chart from TradingView.com