Ethereum (ETH) continues to show indicators of rejuvenated movement, with the token regaining strengths lost during its recent downtrend phase. The asset is currently hovering above the $2,500 mark as bullishness continues to build-up and market appears ready for potential surges. After several weeks of robust price trajectory, the market now aims reclaim the $2,700 level, a major technical and psychological milestone that may ignite further upswing.
With the $2,700 level now within sight, the focus has shifted to the behavior of various investor groups and how their average cost basis may impact forthcoming price movements.
CryptoQuant identifies ETH’s key support levels
Today, CryptoQuant analyst, BlitzzTrading, shared metrics that supports the bullish narrative. The analyst data listed major cost basis levels across Ethereum holder groups, providing insights into where key price support levels could be moving to. The average cost basis metric measures the average price at which token holders acquired their coins.
As per metrics, investors (with wallets holding 100 and 1,000 ETH) have an average cost basis of $2,225.
Moving down, the average cost basis for investors with 1,000 and 10,000 ETH is $2,196, while that for investors (with addresses holding 10,000 and 100,000 ETH) is $1,994.
Lastly, the data showed that holders (with wallets with more than 100,000 ETH) bought their tokens at an average cost basis of $1,222.
Compared to smaller token holders, this data shows that bigger token holders bought their coins at lower average prices. This happened this way because of earlier move into the market or the power to acquire bigger quantities of tokens during market dips.
These zones act as various crucial support levels that may determine Ethereum’s short-term direction. Holding above these levels shows that recent buyers are still in profit, which strengthens market confidence and decreases the chances of a backdrop.
ETH entering into consolidation
Today, Thursday, May 15, 2025, Ethereum price experienced a drop, currently hovering at $2,551, a fall from yesterday’s $2,646, marking a decrease of 3.7% over the past 24 hours.
The decline is also seen in the broader crypto market, with BTC, SOL, DOGE, and other major assets fell by over 5% today. The drop happens as multiple traders opted to unlock profits following a strong bullish rally witnessed in the past three weeks driven by improving macroeconomic conditions.
Ethereum price has risen progressively since April 7, leading to a 56.5% month surge. However, since May 10, its momentum became parabolic, and started to experience correction, which has become more gradual.
Several indicators shows that the asset is likely to see some declines in the near-time. The RSI currently stands at 69.14, indicating that the token could be entering overbought territory. This indicator suggests that ETH could be due for a consolidation or a fall back, despite experiencing an upward momentum.
Secondly, the asset is currently moving in an ascending parallel channel, showing that prices are in an uptrend. However, this pattern supports a likelihood of a correction that may bring ETH price to retrace the (above-mentioned) support levels of $2,225 and $2,196 soon. After the anticipated decline, the price is expected to start another upside move, taking it between $2,700 and $3,000 resistance levels.
