Ethereum Stuck at Critical Supply Zone, Analysts Eye $2,773 Target

Ethereum's price has been testing a significant supply zone between $1,980 and $2,080. If it manages to break through this barrier, analysts predict that Ethereum could reach as high as $2,773.

A recent trendline breakout saw Ethereum move from around $1,796 to a high of nearly $1,955, before closing near $1,878 on July 23. However, the price has struggled to hold above the $1,978 resistance level.

On-chain data suggests that there is heavy supply in this region, which could lead to additional selling pressure if Ethereum's price attempts another recovery. Above this zone, there is another notable supply cluster around $2,524, but the largest concentration of supply sits near $2,773.