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Even with the Ethereum price in difficulty in the middle of the market slowdown, there are still optimistic on the second largest cryptocurrency by market capitalization. One of them is the pseudonym analyst of Crypto Notwojak, who went to the TradingView website to share a rather optimistic prediction for the Ethereum price which goes contrary to the current feeling of the market.
The downward trend in the price of the lower Ethereum.
The Ethereum price is always stuck in an apparent downward trend. However, according to Crypto analyst, it could end soon with two future supply areas. Until now, there have been several liquidity scales on the main levels, sending the Ethereum price to lower stockings. Nevertheless, this could become bullish as soon as they could suggest that a reversal arrives for cryptocurrency.
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Currently, the two supply areas called by the analyst are the level of $ 1,425 and $ 1,600. As they explain, the level of $ 1425 has already been attenuated during the last retrace. Thus, this leaves only the level of $ 1,600 not attenuated. As such, this could easily transform this level into resistance in the event of an upward trend.
Despite the sellers who are still dominating with high volumes on the market, the cryptographic analyst puts the background before $ 1,350. In this case, this level could be a potential support and the break could start from here.
The objective of this major escape was placed at 20% above the current level, the analyst setting a high objective of $ 1,835. This could lead to an additional advantage, especially if the resistors are easily eliminated from here.
Chain eth
Ethereum’s profitability has dropped with the drop in prices, because only 32% of all investors see a profit on their positions. On the other hand, 65% of all holders are losses and only 2% are seated at the price of the profitability threshold, according to data from the chain data aggregation website, Intotheblock.
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The Ethereum whales were also very active during this period and this could mean that large investors were the source of the sale which crushed the price of the ETH. Significant transactions increased from $ 4.8 billion to $ 6.48 billion by April 9, the Ethernet price fell below $ 1,500.
The average size of transactions also increased during this period from $ 4,048 to $ 5,415. This suggests that investors move more parts at the time, which could explain the increase in the sale that tormented cryptocurrency. If this continues, the price of the ETH could see other planting here.
At the time of writing this document, the Ethereum price was trendy at $ 1,544, down 4.56% on the last day.
Dall.e star image, tradingView.com graphic
