Ethereum price tests support zone around $2.475

Ethereum is currently sitting in a support zone around $2.475, a level that technical analysts are watching closely. Nearly 2.86 million ETH changed hands around this price point earlier, making it a relevant zone for the further price course. The Ethereum price currently stands at $2.490, virtually flat compared with a day earlier.

Ethereum is available at OKX and Bybit.

In short:

• Ethereum is testing a support zone around $2.475 where nearly 2.86 million ETH previously changed hands.
• As long as this level holds, the path to $2.722 appears open, according to analyst @alicharts.
• Between $2.723 and $2.822 there is a zone with more than 10 million ETH in transactions, which could provide resistance.

Support zone around $2.475 is crucial

Analyst @alicharts shares a URPD analysis of Ethereum based on on-chain data from Glassnode. URPD stands for Unspent Realized Price Distribution and shows at which price levels large amounts of ETH previously changed hands. These levels count as potential support or resistance, because holders who bought at those prices often tend to react around that same level.

Around $2.475, nearly 2.86 million ETH changed hands earlier. As long as the price remains above this level, the analyst sees room towards $2.722. That is also visible in the chart, where the current price is resting exactly on this zone.

Heavy resistance zone between $2.723 and $2.822

According to @alicharts, the real test for Ethereum only begins higher up. More than 10 million ETH were previously traded between $2.723 and $2.822. That is a considerably larger concentration than at the current support zone, which means that there are many holders in that area who may want to sell as soon as they break even or can take profit.

That concentration could slow the price down or even push it back. Whether Ethereum manages to break through that zone depends in part on whether the current support around $2.475 holds. Earlier this week, the Ethereum ecosystem made the news because of a technical incident in which 925 ETH were lost due to an error in a smart contract.