Breakout To $1,800 With These Two Supply Zones

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Bearish Ethereum Price Downtrend Coming to an End?

The Ethereum price is still stuck in an apparent downtrend. However, according to the crypto analyst, this could be ending anytime soon with two supply zones coming up. So far, there have been multiple liquidity sweeps across major levels, sending the Ethereum price towards lower lows. Nevertheless, this could turn bullish soon as they could suggest a reversal is coming for the cryptocurrency.

Currently, the two supply zones called out by the analyst are the $1,425 and $1,600 level. As they explain, the $1,425 level has already been mitigated during the latest retracement. So, this leaves only the $1,600 level unmitigated. As such, this could easily turn this level into resistance in the event of an uptrend.

Despite sellers still dominating currently with high volumes pouring into the market, the crypto analyst puts the bottom before $1,350. In this case, this level could be potential support and the breakout could begin from here.

The target for this major breakout has been placed 20% above the current level, with the analyst setting a high $1,835 target. This could lead to further upside, especially if resistances are easily cleared from here.

ETH On-Chain

Ethereum’s profitability has plummeted with the price decline as only 32% of all investors are seeing any profit on their positions. On the other side, 65% of all holders are in losses and only 2% are sitting at breakeven price, according to data from the on-chain data aggregation website, IntoTheBlock.

Ethereum whales have also been very active during this time and this could mean that large investors have been behind the selling that has crashed the ETH price. Large transactions rose from $4.8 billion to $6.48 billion by April 9 as the Ethernet price dropped back below $1,500.

Average transaction size also grew during this time from $4,048 to $5,415. This suggests that investors are moving more coins at the time, which could explain the increased selling that has plagued the cryptocurrency. If this continues, then the ETH price could see further crashes from here.

Conclusion

In conclusion, the Ethereum price is expected to turn bullish soon, with the analyst predicting a major breakout above the current level. However, the current market sentiment is still bearish, with sellers dominating the market and high volumes pouring into the market. Nevertheless, the analyst believes that this could be a sign of a reversal and that the bottom is near at $1,350.

FAQs

Q: What is the current Ethereum price?
A: The current Ethereum price is $1,544, down 4.56% in the last day.

Q: What is the analyst’s prediction for the Ethereum price?
A: The analyst is predicting a major breakout above the current level, with a target of $1,835.

Q: What is the current market sentiment for Ethereum?
A: The current market sentiment is still bearish, with sellers dominating the market and high volumes pouring into the market.

Q: What is the analyst’s view on the Ethereum whales?
A: The analyst believes that large investors, or “whales,” have been behind the selling that has crashed the ETH price.