TLDR
- Ethereum price recently reached a high of $1,873 before starting a downside correction
- ETH is trading below $1,820 and the 100-hourly Simple Moving Average
- A key support zone exists between $1,772 and $1,824 where 6.36 million ETH tokens were purchased
- If ETH breaks below the $1,772 support, it could fall to around $1,500
- If support holds, ETH could potentially rise toward $2,100 as no major resistance exists ahead
Ethereum’s price has been showing mixed signals in recent days, with a rally followed by a correction while maintaining above crucial support levels. The second-largest cryptocurrency by market cap continues to navigate market volatility as traders closely watch key technical indicators and on-chain metrics.
ETH recently climbed above $1,800 and $1,820 resistance levels, setting the stage for a larger increase. The bulls pushed the price above $1,865, forming a high at $1,873 before a downside correction began.
The correction took ETH below several key levels, including $1,820 and $1,800. It dipped below the 50% Fibonacci retracement level of the upward move from the $1,734 swing low to the $1,873 high.
As of the most recent data, Ethereum is trading below $1,820 and the 100-hourly Simple Moving Average. Technical analysis shows a short-term bearish trend line with resistance at $1,835 on the hourly chart.
On the upside, ETH faces resistance near $1,820 with the next key resistance around $1,840. The first major resistance sits at $1,880.
Strong Support Zone Identified
On-chain data reveals a critical support zone for Ethereum between $1,772 and $1,824, with an average price of $1,799. This range is particularly strong because more than 6.36 million ETH tokens were purchased by 4.5 million addresses in this price zone.
This high buying activity has created a major support level just beneath the current price, which could prevent further declines. When ETH price approaches $1,772, investors with cost bases in this range are likely to defend their positions by buying more tokens.
However, if this support level breaks, the path to $1,500 appears to have little resistance, as price levels below $1,772 show much less investor activity.
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
On the downside, initial support for Ethereum is near $1,785 and the 61.8% Fibonacci retracement level. The first major support sits at $1,765, while a move below this could push ETH toward $1,735.
Further losses might send the price toward $1,720 in the near term, with the next key support at $1,650.
If Ethereum maintains above the crucial $1,772 support level, it could potentially climb to $2,100, as there appears to be no major resistance in between.
April marked the fourth consecutive month with a negative performance for Ethereum, despite the burst of bullish momentum in the crypto market during the closing weeks of the month.
Technical indicators show the hourly MACD for ETH/USD gaining momentum in the bearish zone, while the hourly RSI is below the 50 zone.
The current behavior of Ethereum’s price reflects the broader cryptocurrency market’s volatility. If ETH clears the $1,840 resistance, it could start a fresh increase toward the $1,950 resistance or even $2,050 in the near term.
As of the latest update, the ETH token is valued at around $1,830, reflecting an almost 1% increase in the past 24 hours.
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