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Este Artículo También Está Disponible and Español.
The Ethereum rating performance in the month of May were nothing less than outstanding, with more than 35% in the past two weeks. After a strong run to the $ 2,700 mark on Tuesday 13 May, the price of the Altcoin has difficulty building on at his momentum in the past days.
The ETH price has succeeded in staying above $ 2,500 last week, which bounced back from the psychological level on Thursday 15 May. However, the recent struggles seem to have been compiled during the weekend, with the Ethereum price losing the $ 2,500 level to end the week.
The next support cushion for ETH price
Prominent crypto analyst Ali Martinez went to the social media platform X part An interesting prospect on the chains about the price of Ethereum and the last lack of bullish Momentum. After the ETH Dip below $ 2,500 Mark, the online expert identified the following important level of support of the Altcoin.
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This evaluation revolves around the average cost basis of different Ethereum investors. Cost-based analysis in principle measures the capacity of a price level to act as support or resistance to the total amount of coins that was last purchased by investors at this level.
As shown in the graph above, the size of the circles immediately corresponds to the amount of ETH tokens that are purchased within each price zone and the meaning of the area as support or resistance.
In essence, the greater the dot, the higher the number of tokens and the stronger the support or resistance; The green dots are support (because they are usually below the current price), while the red dots represent resistance (because they are above the asset price).
Data provided by Sentora (formerly Intotheblock) shows that the Ethereum price has important support around $ 2,354 – $ 2,430 zone, where 2.64 million addresses have purchased 63.9 million tokens (worth $ 153.04 billion at an average price of $ 2,395).
As Martinez emphasized, this price bracket would serve as an on-chain cushion for the ETH price, because investors with their cost bases around the level would probably defend their positions by buying more tokens if the price drops to $ 2,400. The fresh buying pressure around this price region would help to prevent the downward pressure, so that the Ethereum price remains intact.
The marked graph shows that it is all a clear blue skies for the price of Ethereum, without no significant resistance. However, the Altcoin will have to hold above the level of $ 2,400, or it is in danger of falling to as low as $ 2,200.
Ethereum -price at a glance
From this letter, the ETH price is around $ 2,480, which reflects an increase of 0.7% in the last 24 hours. According to data from Coingecko, the Altcoin has fallen almost 4% on the weekly period.
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Featured image of Istock, graph of TradingView