Ethereum Support Level is at $2,314 to $2,435

Bittime - On-chain analyst with the username Ali Charts, said that Ethereum's current support level is in the price range between $2,314 and $2,435. Read this article to find out the full news!

Why are Support Levels Important?

Support level is the price range within which an asset is likely to stop declining due to strong demand. In other words, this is the price level at which buyers begin to enter the market and restrain the price decline. 

For Ethereum, the support level between $2,314 and $2,435 has great significance as the buying volume occurring in this price range is very high. With over 51.67 million Ethereum acquired by over 2.14 million addresses in this price range, there is great potential that the Ethereum price will stay above this level, even in uncertain market conditions.

Read Also: Number of New Ethereum Wallet Addresses Is at Lowest Point This Year 

Ethereum On-Chain Data 

Source: Twitter.com/ali_charts

By knowing where key support levels are, you can plan a more effective trading strategy. 

In this case, knowing that so many addresses have bought Ethereum in the $2,314 to $2,435 price range gives an indication that many large investors or whales see this price as a profitable buy point.

Additionally, the data above also shows that if the price of Ethereum falls below this level, there is a high probability that there will be increased selling pressure. 

This is due to the fact that many of these addresses will probably start selling their assets to minimize losses, which could ultimately push the price down further.

Potential of Ethereum Rebound at Support Level

However, the positive side is that when Ethereum price approaches or reaches this support level, we can expect a surge in demand that can push the price back up. Especially if overall market sentiment starts to improve or if there is positive news regarding Ethereum development or adoption.

So,  The $2,314 to $2,435 price range is not only important as a support level, but also as an indicator of a potential rebound if Ethereum approaches this level. You can use this information to set a stop-loss or to prepare purchases at levels that are considered profitable.

Read Also: Ethereum Gas Fee Rises to 416 Gwei

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.