- Ethereum is near a critical support zone at $1,546.55 with substantial accumulation.
- If Ethereum defends the $1,546.55 support, a rebound toward higher prices is possible.
- Ethereum’s price action remains dependent on how it reacts at the $1,546.55 level.
Ethereum (ETH) is hovering near a support level at $1,546.55, where 822,440 ETH were previously accumulated. This accumulation suggests a solid base for potential price action. Ethereum’s price has recently fluctuated around $1,822.43, marking a 10.24% drop. As the price nears the critical $1,546.55 support, it has attracted attention from traders. While market sentiment could turn bearish if it approaches this level, this zone also holds the potential to act as a launchpad for a bounce.
Ethereum’s ability to defend this key support level is crucial. If the price maintains above the $1,546.55 zone, a reversal could signal potential upward movement. On the other hand, if the support fails, Ethereum may experience further decline. Therefore, the support level is pivotal in shaping short-term price action.
Ethereum’s Consolidation and Future Price Movement
The ongoing price action of Ethereum is characterized by consolidation within a defined range, according to a chart posted on X by CryptoGoos. A blue triangle pattern on the chart illustrates this consolidation, where Ethereum has been trapped between a falling resistance trendline and an ascending support trendline. Trading above the $1,500 mark, Ethereum’s latest drop positions the price closely to the $1,546.55 support level. This makes the current price action one of the most watched zones for Ethereum, as traders anticipate a potential breakout or breakdown.
Source: X
The accumulation at the $1,546.55 level strengthens the argument for a bounce if the price holds above this zone. If Ethereum manages to defend this support, there is potential for a bullish reversal toward higher levels, possibly revisiting the $2,000 range. On the other hand, if the support is broken down, it may lead to further losses in the months ahead, making the $1,546.55 level quite important for Ethereum’s next directional move.
Related: Ethereum Hits $1.18T in Stablecoin Transfers, Leads Market
CBD Heatmap Insights on Ethereum’s Supply Distribution
Ali Charts, a crypto analyst, has shared a detailed CBD heatmap for Ethereum’s price movements from March 16 to April 13, 2025.This heatmap captures significant insights into the supply distribution at price levels, which, among other factors, proves that the support at 1546.55 worth of Ethereum is valid. Again, 822,443.5 ETH collected with the current price level of Ethereum in the lower price buckets adds to the fortress that this zone is.
Source: X
The heatmap further highlights a concentration of supply around the $1,900 level, showing that Ethereum’s recent retracement to the lower $1,500 range coincides with a reduction in supply above this level. As Ethereum’s price hovers, the data also indicates that the majority of holders are not very optimistic about selling for higher prices, adding more value regarding the $1,546.55 support area. At this critical price point, Ethereum’s future price movement will largely depend on its ability to hold above this support zone.
