Ethereum

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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/altcoin/ethereum-holders-might-soon-exit-as-addresses-in-profit-reach-a-low-will-eth-price-regain-momentum/">Ethereum Holders Might Soon Exit As Addresses In Profit Reach A Low: Will ETH Price Regain Momentum?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Ethereum’s value has shown strong <a href="https://coinpedia.org/news/ethereums-ico-and-sec-allegations-former-advisor-raises-concerns/" rel="noopener noreferrer nofollow">bearish tendencies</a> recently, dropping past key levels in just a week. As Bitcoin struggles with the $26K mark, ETH is on the brink of breaching a vital support level. Additionally, multiple on-chain metrics are now leaning towards bearish signs, with investors growing restless as the number of profitable addresses hits a several-month low.</p> 
<h2 class="wp-block-heading" id="these-ethereum-metrics-might-trigger-negative-sentiment">These Ethereum Metrics Might Trigger Negative Sentiment&nbsp;&nbsp;</h2> 
<p>Recent on-chain metrics have raised concerns in the altcoin market, suggesting a potential bearish trend for Ethereum in the coming days. Two metrics, in particular, stand out: the Ethereum Percent Addresses in Profit and the Ethereum Number of Addresses Holding 32+ Coins. Both the metrics have witnessed a steady decline recently, suggesting rising negative momentum on the price chart.</p> 
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 <img decoding="async" src="https://lh6.googleusercontent.com/K9AIN9RbrYo9m4hOP8yAw_gPRla24dRGganI7qdfn05o6lJgCdWR7YcwjLL7-pqUcZwACzdykYpX-v_cj7Demb1kjyjHlWQIsbrGpsFQfDMIncTDzXpTxdsk7o3gb1GSIKEBcmUCsNrShSCWadTrLOE" alt=""> 
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<p>According to Glassnode, the Ethereum percent addresses in profit has plummeted to an 8-month low, standing at just 52.302%. This means that 48% of Ethereum holders are currently in loss, a concerning figure given Ethereum’s historical performance. A decline in this percentage can indicate a growing number of investors who bought at higher prices are now facing potential losses. This could lead to reduced confidence among investors, potentially <a href="https://coinpedia.org/news/vitalik-buterins-substantial-ethereum-transfers-to-coinbase-fuel-eth-price-speculation/" rel="noopener noreferrer nofollow">triggering sell-offs</a> and further driving down the price.</p> 
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 <img decoding="async" src="https://lh5.googleusercontent.com/-i2nevFoGU-v5cWKKPOZ7QqTwQaSw-C67_o3vAD_SCZxcpPs1LOvZMmlTwZx_fA8Ks2AQ81pUy2StyjVMuFJmbrjc6IifO7WnSQOcRNdWhhGdiraBPcCW5HTbP0ss9Fryq7S2x4wKwTBuXXd6xGfR4M" alt=""> 
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<p>Additionally, the number of Ethereum addresses holding 32 or more coins has reached a 10-month low, with only 126,211 addresses meeting this criterion. The significance of the number 32 is tied to Ethereum 2.0 validator’s limit. A decline in the number of these addresses can suggest reduced interest in ETH’s staking activity which can impact the network.</p> 
<p>As bulls are liquidating in recent hours heavily, exceeding $2 million in long liquidation, it contributes to a selling sentiment, making a recovery trend more challenging.</p> 
<h2 class="wp-block-heading" id="h-what-s-next-for-eth-price">What’s Next For ETH Price?</h2> 
<p>ETH price recently lost momentum as it failed to meet buying demand near the resistance of $1,600. As a result, sellers intensified pressure and ETH price is now steadily declining towards immediate resistance of $1,565, indicating that the bulls might be hesitant to buy. As of writing, ETH price trades at $1,585, declining over 0.3% from yesterday’s rate.</p> 
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 <img decoding="async" src="https://lh5.googleusercontent.com/J-Pbr8JINbYzBebtxDgOSTFpYed1TZNaHRw6-RT8DVY79uTLuV_I7LSXJJ9BQIMYslpTQ22ZlOGYzaLtmDDIZaUCTxMhsZlZkEp0ksxhq7WXzXLQei7nezzJTHH-oAi2tlxFl63b8miryZoTK-wGQQI" alt=""> 
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<p>While the declining moving averages favor the sellers, the RSI hints at a potential bullish divergence. The RSI level is currently making a positive move below the midline, suggesting growing buying pressure as ETH bounced from $1,565. This could mean that the selling momentum is declining, raising the chances of a surge above $1,600.</p> 
<p>A push by the bulls past the 100-day EMA trend line would suggest aggressive purchases. This move can bring more buyers and send ETH price toward monthly resistance of $1,674. However, if the bears manage to pull and maintain the ETH price below $1,531, we could see a drop to $1,470.</p>

Ethereum Holders Might Soon Exit As Addresses In Profit Reach A Low: Will ETH Price Regain Momentum?

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