Ethereum In Danger? $2,200 Breakdown May See Price Fall to $1,160, Warns Analyst

Ethereum (ETH) is now holding on to an important on-chain support level of $2,200, but warns one analyst, if this support level fails, the next significant demand zone is all the way down at $1,160.

Ethereum Hits Decisive Support at $2,200 According to On-Chain Data

In his recent post on X (ex-Twitter), crypto commentator Ali Martinez pointed out Ethereum's latest support system employing on-chain cost basis distribution — one that charts where the highest volumes of ETH have been accumulated.

In on-chain language, resistance and support levels are determined by observing wallet purchase prices. When many holders have purchased ETH in a certain zone, that area becomes psychologically and technically significant — usually inducing buying or selling on retests.

The most powerful cluster is between $2,218 and $2,396, where 6.28 million addresses purchased a total of 67.2 million ETH. The area is thus a significant demand zone, most likely to see buying interest if prices drop back into the zone.

What If $2,200 Cracks?

If Ethereum falls below the lower boundary of this demand zone, specifically $2,200, then the on-chain metrics indicate that there is a large void of support underneath — until the next considerable cluster at $1,160.

This lower level represents the cost basis of 35.9 million addresses, carrying 21.58 million ETH, as indicated in the chart provided by Martinez.

Naturally, ETH is not required to drop straight away to $1,160 if $2,200 doesn't work," the analyst explained, "but regaining momentum is unlikely without solid buyer support at intermediate levels."

Ethereum Price Today

Current Ethereum price is approximately $2,475 at press time, still trading above the key $2,218–$2,396 on-chain support zone.

Although long-term fundamentals hold firm, current technical conditions put the focus on $2,200 as a make-or-break point in the short term.

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