Ethereum prices were one of the best performances in the cryptocurrency market in the third quarter, reaching a new all-time high at the end of August. However, the second-largest cryptocurrency is struggling to build on the momentum of this record setting in September.
With September and the third quarter of 2025 nearly complete, Ethereum prices seem to be struggling to regain a psychological $4,000 support level. Below are some important support levels to keep in mind if deeper fixes occur, following the latest on-chain data.
Is $3,500 the next stop for ETH prices?
In a September 27 post on the X Platform, popular Crypto analyst Ali Martinez identified three key support levels to monitor whether Ethereum prices have fallen further in the coming weeks. This on-chain observation revolves around UTXO Realized Price Distribution (URPD) metrics and estimates the amount of a given cryptocurrency acquired at a particular price level.
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This indicator examines price-level capacity and acts as an on-chain support or resistance zone. This usually depends on the number of costs-based investors at a specified level. The investor's cost base refers to the original price at which the cryptocurrency was purchased (in this scenario, ether).
Based on cost-based theory, the main support zones often support the price level (there are important purchase activity and current spot values). Because they have purchased assets at these prices, some investors tend to buy more assets when the price is floating when the price returns to the cost base.
According to data highlighted by Martinez, the next major support level for Ethereum prices is around $3,515, $3,020, $2,772. As observed in the chart below, if the price of the ETH is not incredibly close to more than $4,000, the next immediate support cushion was around $3,515, with nearly 1.39 billion coins purchased.
If “King of Altcoins” cannot stop bleeding, UTXO shows that the price distribution metric shows that the next major support is $3,020 and about 2.65 billion coins have been purchased. Currently, the last significant support for Ethereum prices is around $2,772, a cost basis for over 2.644 billion ether tokens.
Ethereum prices are at a glance
At the time of writing, ETH priced around $3,994, not reflecting any significant movements over the past 24 hours. The largest Altcoin by market capitalization appears to be stuck at the major level of $4,000, but performance over the past week is still very worrying. According to Coingecko data, Ethereum prices have fallen by more than 10% in the past seven days.
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ShutterStock featured images, TradingView charts
