Ethereum Price Holds Above Key Support Level Amid Potential $1,500 Drop

The Ethereum price closed April above $1,800 but ended the month with a negative performance for the fourth consecutive month. Current on-chain data indicates a critical support level that will influence its trajectory in the coming weeks.

ETH Price At Risk Of Falling To $1,772

Crypto analyst Ali Martinez noted that Ethereum is at a pivotal point. If it loses the support level around $1,772, it could drop to approximately $1,500. This analysis is based on the average cost bases of Ethereum investors.

Over 6.36 million ETH were purchased by 4.5 million addresses between $1,772 and $1,824, averaging $1,799.
This buying activity has established a significant support level just below the current price.
If the price drops to $1,772, investor buying may help stabilize it.
Breach of the $1,772 support could lead to a decline towards $1,500.
If the support holds, ETH could rise to around $2,100 due to minimal resistance ahead.

Ethereum Price At A Glance

Currently, ETH is valued at approximately $1,830, reflecting a nearly 1% increase in the past 24 hours.