Ethereum Price Slips Below $2,500 — Here Are The Next Support Levels
The Ethereum worth has been beneath intense bearish strain over the previous few weeks, reflecting the overall fragile state of the cryptocurrency market. The altcoin misplaced practically 20% of its worth previously week, free-falling beneath the psychological $3,000 stage since Thursday, January twenty ninth.
With the market nonetheless exhibiting indicators of additional draw back danger, there isn’t a telling how deep the Ethereum worth will fall within the present bearish setup. However, the most recent on-chain knowledge has provided insights into the following vital ranges for the second-largest cryptocurrency.
ETH’s Next Support Stands At $2,475: Glassnode
In a latest submit on the X platform, crypto analyst Ali Martinez identified the following three on-chain assist ranges for the Ethereum worth. This on-chain analysis revolves across the UTXO Realized Price Distribution (URPD) metric, which helps to pinpoint sturdy resistance and assist ranges primarily based on investor value bases.
For context, an investor’s value foundation refers back to the precise worth at which they bought a specific cryptocurrency (Ethereum, on this situation). Typically, the power of a worth stage to perform as an on-chain assist or resistance zone relies on the variety of buyers who’ve their value foundation on the given stage.
As inferred earlier, the UTXO Realized Price Distribution tracks the quantity of a specific cryptocurrency that was acquired at a selected worth stage. Now, the value ranges under the current spot worth with important buying and selling exercise are sometimes thought-about as main assist zones, as proven within the chart under.
The reasoning behind this expectation is that buyers with their value bases round these worth ranges are more likely to double down on their positions and buy extra cash. This elevated shopping for exercise will, therefore, provide a cushion for the Ethereum worth to remain afloat and probably bounce again.
Highlighting knowledge from Glassnode, Martinez identified the $2,623, $2,475, and $1,881 ranges as the following essential assist zones for the Ethereum worth after shedding the $2,772 mark. However, it seems that the altcoin’s worth has additionally misplaced the $2,623 and $2,475 assist following its newest decline over the weekend.
Ethereum Price Overview
As of this writing, the value of ETH stands at round $2,410, reflecting an over 10% decline previously 24 hours. With this newest decline, the altcoin’s worth appears to be hovering across the assist cushion at round $2,475.
If ETH’s keep under this assist stage is sustained, buyers may see the Ethereum worth fall to as little as $1,881. A fall of this magnitude would signify a 25% decline from the present worth level and an over 60% correction from the cycle high.
