Ethereum’s price has been under a lot of downward pressure lately, and it has kept going down over the past week even though spot ETH ETFs were released. On-chain data shows that the altcoin is getting close to a key level, which makes people wonder about its future.
IntoTheBlock, a market intelligence tool, said on social media that Ethereum is getting close to $3,000, which has been a key support level in the past. Based on what many ETH investors think the usual cost basis is, this is what we think.
Ethereum Token Spread Data
The token spread around Ethereum’s current price is shown by data from IntoTheBlock. The number of tokens bought within each price range is shown by the size of the dots on the picture. This shows how important and strong each level is.
As ETH gets closer to the $2,913–$3,000 range, more people are buying it, which shows how important it is. Over 1.7 million addresses bought ETH for just under $3,000. This made a key support zone.
IntoTheBlock said that buyers will likely buy more tokens to protect this level if the price drops to around $3,000. New buyers might also be interested in this level because they see it as a turning point in the past. The price of Ethereum could fall to $2,800 or even $2,600 if it can’t hold above $3,000. This is because support is weaker at those levels.
Ethereum is selling at around $2,988 right now, which is a drop of almost 7% in the last 24 hours. CoinGecko says the price of cryptocurrencies has dropped 9% in the last week, which shows how bad things have been for them.
