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

With the market still showing signs of further downside risk, there is no telling how deep the Ethereum price will fall in the current bearish setup. However, the latest on-chain data has offered insights into the next critical levels for the second-largest cryptocurrency.

For context, an investor’s cost basis refers to the actual price at which they purchased a particular cryptocurrency (Ethereum, in this scenario). Typically, the ability of a price level to function as an on-chain support or resistance zone depends on the number of investors who have their cost basis at the given level. 

The reasoning behind this expectation is that investors with their cost bases around these price levels are likely to double down on their positions and purchase more coins. This increased buying activity will, hence, offer a cushion for the Ethereum price to stay afloat and potentially bounce back.

As of this writing, the price of ETH stands at around $2,410, reflecting an over 10% decline in the past 24 hours. With this latest decline, the altcoin’s price seems to be hovering around the support cushion at around $2,475.

If ETH’s stay below this support level is sustained, investors could see the Ethereum price fall to as low as $1,881. A fall of this magnitude would represent a 25% decline from the current price point and an over 60% correction from the cycle high.