South of the village of Agios Elias is a distinctive conical hill with excellent views of the surrounding area, which was an important centre in antiquity. From this position one can overlook the plain of Parachelotis, the Acheloos and the lagoon of Aitoliko too.

The city built on the hill is identified as that of ancient Ithoria described by Polybius, which was destroyed by Philip V in 219 BC. It was fortified with an acropolis that had an entrance from the NE and, in addition to built sections, had made use of natural strong points on the hill. The settlement, extending onto the eastern saddle, was also surrounded by a wall and seems to have been isolated from the acropolis by a dividing wall. The town is thought to have had a harbour near the Monastery of the Taxiarches, where traces of it are preserved in the sea.

On the hill of Agios Elias it is considered more than likely that the Homeric Olenos, which participated in the Trojan campaign, was originally located, on the site of which the city of Ithoria of historical times was later built. It is one of the most important prehistoric sites in this area. Apart from the traces of habitation on the hill, it included a cemetery of four monumental Mycenaean tholos tombs at its foot, which belonged to important local rulers, as well as simpler chamber tombs. Despite the desecration of the tombs as early as in antiquity, important grave goods have survived, such as vases, bronze weapons and jewellery, that show the importance of this centre and the external relations it maintained with other parts of the Mycenaean world and the eastern Mediterranean. The tombs cannot be visited today, except by arrangement with the Ephorate of Antiquities, but finds from them can be seen in the Xenokrateion Archaeological Museum.

Even earlier prehistoric use, from Neolithic times, has been established in Kokini Spilia, which is located between the tholos tombs and the acropolis: pottery and stone tools have been found in them.