Ethereum price exceeds the level of decisive support – does it decrease to 1500 dollars possible?
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The rapid explosion of the bullish momentum in the encryption market in the closing weeks of April witnessed that the price of ETHEREM closes the month over 1800 dollars. However, Altcoin failed to end the month in profit, which made April monthly respectively in a row with negative performance. According to the latest data on the series, the price of Ethereum seems to be sitting above the level of decisive support, which can determine the ALTCOIN track in the next few weeks.
ETH price is at risk of decline to $ 1772
In a post on May 3 on the X platform, prominent encryption analyst Ali Martinez open The price of Ethereum may be at a critical turn that can decide its short -term future. Based on the latest data on the series, Altcoin is at risk of decline to about $ 1500 if this support level is lost in the coming days.
This evaluation revolves around the ETHEREUM price chain around the average cost rules for many Ethereum investors. In encryption trading, the basic cost analysis determines the price level capacity to serve as support or resistance based on the size of the coins that investors have earned in the region last time.
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As shown in the graph above, the size of the point (green and red) is corresponding directly to the number of ether symbols purchased within the price area. The higher the circle, the greater the amount of symbols purchased in and around the price area, and the higher the level of resistance or support.
According to InTotheblock data, more than 6.36 million ETH symbols were purchased by 4.5 million addresses in the price range of $ 1,772 and $ 1,824 (at an average price of $ 1,799). As shown earlier, the high purchase activity within this price zone formed a major support level below the current price.
The Ethereum price is expected to bounce when it decreases to this level. The logical basis behind this expectation is that when the price of ETH returns to about $ 1772, investors who have cost rules at this level and turn around their positions will defend more symbols, which helps the price to stay on his feet in the support area.
However, the distinctive graph shows that the price levels below the support level of $ 1772 have a much lower investor activity. This indicates that the price of Ethereum may decrease to about 1500 dollars without grabbing a break if $ 1772 is violated. On the other hand, the ETH price can travel to up to 2100 dollars if this support level remains unspecified, as there is no significant resistance in the future.
Ethereum price at a glance
From writing these lines, the value of the distinguished code for ETH is estimated at $ 1830, which reflects an increase of approximately 1 % over the past 24 hours.
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Distinctive image from Istock, tradingvief chart
