Ethereum Price Slips Below $2,500 — Here Are The Next Support Levels

3 hours ago

The Ethereum terms has been nether aggravated bearish unit implicit the past fewer weeks, reflecting the overall fragile state of the cryptocurrency market. The altcoin mislaid astir 20% of its worth successful the past week, free-falling nether the intelligence $3,000 level since Thursday, January 29th.

With the marketplace inactive showing signs of further downside risk, determination is nary telling however heavy the Ethereum terms volition autumn successful the existent bearish setup. However, the latest on-chain information has offered insights into the adjacent captious levels for the second-largest cryptocurrency.

ETH’s Next Support Stands At $2,475: Glassnode

In a caller station connected the X platform, crypto expert Ali Martinez identified the adjacent 3 on-chain enactment levels for the Ethereum price. This on-chain valuation revolves astir the UTXO Realized Price Distribution (URPD) metric, which helps to pinpoint beardown absorption and enactment levels based connected capitalist outgo bases.

For context, an investor’s outgo ground refers to the existent terms astatine which they purchased a peculiar cryptocurrency (Ethereum, successful this scenario). Typically, the quality of a terms level to relation arsenic an on-chain enactment oregon absorption portion depends connected the fig of investors who person their outgo ground astatine the fixed level.

As inferred earlier, the UTXO Realized Price Distribution tracks the magnitude of a peculiar cryptocurrency that was acquired astatine a circumstantial terms level. Now, the terms levels beneath the contiguous spot worth with important trading enactment are often considered arsenic large enactment zones, arsenic shown successful the illustration below.

The reasoning down this anticipation is that investors with their outgo bases astir these terms levels are apt to treble down connected their positions and acquisition much coins. This accrued buying enactment will, hence, connection a cushion for the Ethereum terms to enactment afloat and perchance bounce back.

Highlighting information from Glassnode, Martinez identified the $2,623, $2,475, and $1,881 levels arsenic the adjacent important enactment zones for the Ethereum terms aft losing the $2,772 mark. However, it appears that the altcoin’s terms has besides mislaid the $2,623 and $2,475 enactment pursuing its latest diminution implicit the weekend.

Ethereum Price Overview

As of this writing, the terms of ETH stands astatine astir $2,410, reflecting an implicit 10% diminution successful the past 24 hours. With this latest decline, the altcoin’s terms seems to beryllium hovering astir the enactment cushion astatine astir $2,475.

If ETH’s enactment beneath this enactment level is sustained, investors could spot the Ethereum terms autumn to arsenic debased arsenic $1,881. A autumn of this magnitude would correspond a 25% diminution from the existent terms constituent and an implicit 60% correction from the rhythm high.