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A rapid explosion stubborn cryptocurrency rush in the end of April caused the price of Ethereum to be closed in a month above USD 1,800. However, Altcoin did not finish the month of profit, which makes the fourth month in a row in April with negative results. According to the latest data on the chain, the price of Ethereum seems to sit above the key level of support, which can determine the Altcoin trajectory in the next few weeks.
ETH price threatened with a decrease up to USD 1,772
In a post of May 3 on Platform X, an outstanding cryptographic analyst Ali Martinez revealed that the price of Ethereum may be at a critical moment that can decide on its brief -term future. Based on the latest data on the Altcoin chain, he is threatened with a decrease to around USD 1,500 if he loses this level of support in the coming days.
This Ethereum price assessment rotates around the average cost base of several Ethereum investors. In cryptographic trade, the analysis of the base costs determines the capacity of the price level to support support or resistance based on the amount of coins acquired by investors in the region.
As shown in the graph above, the size of the dot (green and red) represents and directly corresponds to the number of ether tokens purchased in the region prices. The larger the circle, the higher the number of tokens bought in the price zone and around it, the stronger the level of resistance or support.
According to data from INTOTHEBLOCK, over 6.36 million ET tokens were purchased by 4.5 million addresses in the price range of USD 1,772 and USD 1,824 (at an average price of USD 1,799). As explained earlier, high purchasing activity in this price zone led to the creation of a high level of support just below the current price.
The price of Ethereum is expected to jump off when it falls to this level. The justification for this expectation is that when the ETH price returns to around USD 1,772, investors with costs at this level and around them will probably defend their positions by buying more tokens, helping to maintain the price in the region of support.
However, the distinguished chart shows that price levels below the level of support 1772 USD have much less investors’ activity. This suggests that the price of Ethereum may drop to around USD 1,500 without breaking the break if you are violated $ 1772. On the other hand, the price of ETH could travel up to USD 2100 if this level of support remain uninhabited because there is no significant resistance to us.
Ethereum price at first glance
In this letter, the token ETH is about USD 1,830, which reflects an boost of almost 1% in the last 24 hours.
Recommended photo from Istock, chart from TradingView
