Holding Above $1,772 Support Level as Analysts Watch for Next Move

TLDR

• Ethereum price is trading around $1,830, sitting above crucial support at $1,772-$1,824
• ETH failed to end April in profit, marking its fourth consecutive month with negative performance
• On-chain data shows 6.36 million ETH purchased by 4.5 million addresses at an average price of $1,799
• If support at $1,772 breaks, ETH could fall to $1,500, but holding this level could see price rise to $2,100
• Technical indicators show ETH facing resistance at $1,835 with support levels at $1,785 and $1,765

The Ethereum price is currently trading around $1,830, showing a slight increase of about 1% in the past 24 hours. This comes after a month where ETH closed above $1,800 but still failed to end April in profit, making it the fourth consecutive month with negative performance for the second-largest cryptocurrency.

According to on-chain data shared by crypto analyst Ali Martinez on May 3, Ethereum is sitting above a crucial support level that could determine its price trajectory in the coming weeks. The data reveals that 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.

The most critical support level for #Ethereum $ETH is at $1,770, according to on-chain data from @intotheblock! pic.twitter.com/PtEBRaRlWT

— Ali (@ali_charts) May 3, 2025

This high buying activity has created a major support level just below the current price. If this level holds, it could prevent further price drops in the short term.

The support level strength is based on cost-basis analysis, which determines a price level’s capacity to serve as support based on the volume of coins acquired by investors in that region. In this case, the large number of ETH tokens bought around the $1,799 price point suggests many investors have a vested interest in defending this level.

Technical Analysis and Price Projections

However, if the Ethereum price loses the support at $1,772, it could potentially fall to around $1,500 without much resistance, as there is less investor activity at the price levels below the current support zone. On the other hand, if the support level remains intact, ETH could climb to as high as $2,100, as no major resistance lies ahead.

From a technical analysis perspective, Ethereum has shown resilience above the $1,750 zone and recently started a fresh increase, similar to Bitcoin’s movement. ETH climbed above $1,800 and even reached a high of $1,873 before starting a downside correction.

Currently, Ethereum is trading below $1,820 and the 100-hourly Simple Moving Average. There is also a short-term bearish trend line forming with resistance at $1,835 on the hourly chart.

If Ethereum can clear the resistance near $1,820, the next key level to watch is $1,840. A decisive move above $1,880 could potentially push the price toward $1,950 or even $2,000 in the near term.

On the downside, initial support is near $1,785, with major support at $1,765. If these levels fail to hold, ETH might test the $1,735 support, with the next key support at $1,650.

The market is watching closely to see if buyers will step in to defend the crucial support level or if sellers will gain the upper hand in the coming days. The next few trading sessions could be vital in determining Ethereum’s price direction for the remainder of May.