Ethereum Price May Breakout to $1,800 Amid Supply Zones

The current price of Ethereum is $1,544, reflecting a 4.56% decline in the last day. Despite this downtrend, analyst NotWojak presents a bullish outlook, suggesting that the bearish trend may soon end.

Key Insights

Two critical supply zones identified: $1,425 and $1,600.
$1,425 has been mitigated; $1,600 remains unmitigated and could act as resistance if an uptrend occurs.
Potential support identified at $1,350, with a breakout target set at $1,835 (20% above current levels).
Only 32% of Ethereum investors are profitable; 65% are at a loss; 2% are breakeven according to IntoTheBlock data.
Large transactions increased from $4.8 billion to $6.48 billion, indicating significant selling pressure from large holders.
Average transaction size rose from $4,048 to $5,415 during recent market activity.

If current trends continue, further price declines for Ethereum could occur.