Ethereum (ETH) experienced a notable surge in May, climbing over 35% in the past two weeks. However, after approaching $2,700 on Tuesday, May 13, momentum has slowed. The price briefly dipped below $2,500 over the weekend but currently stands around $2,480, marking a 0.7% increase in the last 24 hours.
Crypto analyst Ali Martinez pointed out a crucial support level between $2,354 and $2,430. This range represents the average cost basis for many Ethereum investors. Data from Sentora (formerly IntoTheBlock) indicates that 2.64 million addresses purchased 63.9 million ETH tokens within this zone, valued at $153.04 billion at an average price of $2,395.
Martinez suggests that investors within this price bracket are likely to defend their positions, providing a cushion against further price declines. While there's little resistance ahead, failure to hold above $2,400 could lead to a drop as low as $2,200. CoinGecko data shows ETH is down nearly 4% on the weekly timeframe.
This article is based on our author's analysis of materials taken from the following resources: CoinGecko, and X (formerly Twitter).