Ethereum Whales Active as Price Drops 4.56%

Despite the recent downturn in the cryptocurrency market, some analysts remain optimistic about Ethereum's prospects. Pseudonymous crypto analyst NotWojak has shared a bullish prediction for Ethereum, suggesting that the current downtrend may be nearing its end. According to the analyst, there are two key supply zones that could signal a reversal in Ethereum's price.

The first supply zone is at the $1,425 level, which has already been mitigated during the latest retracement. The second supply zone is at the $1,600 level, which has not yet been mitigated. If Ethereum's price manages to break through this level, it could turn into resistance during an uptrend. The analyst predicts that the bottom of the current downtrend is before the $1,350 level, which could serve as potential support for a breakout.

The target for this major breakout has been set at $1,835, which is 20% above the current level. If resistances are easily cleared from here, this could lead to further upside for Ethereum. However, it is important to note that this is a prediction and not a guarantee of future performance.

Ethereum's profitability has declined significantly with the price drop, with only 32% of all investors currently seeing any profit on their positions. On the other hand, 65% of all holders are in losses, and only 2% are sitting at the breakeven price. This suggests that the majority of Ethereum investors are currently underwater.

Ethereum whales have also been very active during this time, with large transactions rising from $4.8 billion to $6.48 billion by April 9 as the Ethereum price dropped back below $1,500. The average transaction size also grew during this time from $4,048 to $5,415, suggesting that investors are moving more coins. If this trend continues, the Ethereum price could see further crashes.

At the time of writing, the Ethereum price was trending at $1,544, down 4.56% in the last day. Despite the current market conditions, some analysts remain bullish on Ethereum's prospects and predict that a major breakout could be on the horizon. However, it is important to remember that the cryptocurrency market is highly volatile, and past performance is not indicative of future results.