This on-chain evaluation of the Ethereum price revolves around the average cost bases of several Ethereum investors. In crypto trading, cost-basis analysis determines a price level\u2019s capacity to serve as support or resistance based on the volume of coins last acquired by investors in the region.<\/p>\n
![\"Ethereum](\"https:\/\/pbs.twimg.com\/media\/GqBWe2zWEAAgpxI?format=jpg&name=medium\")
As shown in the above chart, the size of the dot (green and red) represents and directly corresponds to the number of Ether tokens bought within a price region. The larger the circle, the higher the amount of tokens bought in and around the price zone, and the stronger the resistance or support level.<\/p>\n
According to data from IntoTheBlock, more than 6.36 million ETH tokens were purchased by 4.5 million addresses within the price range of $1,772 and $1,824 (at an average price of $1,799). As explained earlier, the high buying activity within this price zone has led to the formation of a major support level just beneath the current price.<\/p>\n
The Ethereum price is expected to bounce back when it falls to this level. The rationale behind this expectation is that when the ETH price returns to around $1,772, investors with their cost bases in and around this level are likely to defend their positions by buying more tokens, helping the price to stay afloat the support region.<\/p>\n
However, the highlighted chart shows that the price levels beneath the $1,772 support level have significantly less investor activity. This suggests that the Ethereum price could fall to around $1,500 without catching a break if $1,772 is breached. On the flip side, the price of ETH could travel to as high as $2,100 if this support level remains unbreached, as no significant resistance lies ahead.<\/p>\n
Ethereum Price At A Glance<\/b><\/h2>\n
As of this writing, the ETH token is valued at around $1,830, reflecting an almost 1% increase in the past 24 hours.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The quick burst of bullish momentum in the crypto market in the closing weeks of April saw the Ethereum price close the month above $1,800. However, the altcoin failed to end the month in profit, making April its fourth consecutive month with a negative performance. According to the latest on-chain data, the Ethereum price seems…<\/p>\n","protected":false},"author":1,"featured_media":4456,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[138,102,233,105],"class_list":["post-4455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-price","tag-ethusdt"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/4455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=4455"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/4455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/4456"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=4455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=4455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=4455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}