Ethereum

Rally

Bitcoin

<div class="watcher-guru"> 
 <p>Ethereum has been maintaining a sideways movement in the markets for a significant period. The attempts made by the altcoin to surpass the $2,000 mark have not yielded successful results. In a similar vein, despite the applications for Bitcoin ETFs, companies have also begun seeking approval for Ethereum-based ETFs. Regrettably, these efforts have not contributed to an upward trajectory in the asset’s value.</p> 
 <p>According to Glassnode Alerts, investors in <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> were experiencing significant losses. Data further highlighted that the count of profitable Ethereum addresses had dropped to its lowest point in a month, totaling 66.6 million. </p> 
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    <p lang="en" dir="ltr">📉 #Ethereum $<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> Number of Addresses in Profit (7d MA) just reached a 1-month low of 66,634,291.452<br><br>View metric:https://t.co/9t2b8JZ83s pic.twitter.com/xIPCbLCGY0</p> 
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    </div> — glassnode alerts (@glassnodealerts) August 7, 2023 
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 <p><strong>Also Read: Ethereum: These ETH Futures ETFs Are Awaiting Approval</strong></p> 
 <h4 class="wp-block-heading" id="h-will-ethereum-s-fate-change">Will Ethereum’s fate change?</h4> 
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 <p>Nevertheless, a number of analysts maintained an optimistic outlook regarding the second-largest <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a>. These analysts say that the relatively stable nature of <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> should not be overlooked. They believe that it might present a favorable opportunity. Jan Hapell and Yann Allemann, the co-founders of Glassnode and active on Twitter as “Negentropic,” are indicating that <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> could be approaching a substantial price upswing.</p> 
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    <p lang="en" dir="ltr"><a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> Ticking Bomb<br><br>Short-term weakness, but a golden mid-term opportunity!<br><br>🔶According to the <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>BTC trading pair, it's time to shift from BTC to altcoins.<br>🔶Hold on, BTC might shine briefly, but <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> is gearing up for a spectacular run!<br>🔶Avoid high-beta plays and focus on… pic.twitter.com/tntwzwyV2Y</p>— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) August 3, 2023 
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 <p>Furthermore, as indicated in the tweet, the duo is of the opinion that Ethereum’s temporary weakness might open up a valuable opportunity in the medium term. While they also have confidence in Bitcoin, their conviction in Ethereum’s potential for an impressive surge is particularly strong.</p> 
 <p>Numerous investors appeared to hold an optimistic stance on the altcoin as well. Coinglass reported that ETH’s 24-hour long/short ratio indicated a greater inclination among investors toward long positions compared to short positions. Long positions were above 50%, while short positions stood at 49%.</p> 
 <p><strong>Also Read: Ethereum May Decline to $1700 if It Loses This Level</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>crypto</li> 
  <li>cryptocurrency</li> 
  <li>ETH</li> 
  <li>ethereum</li> 
 </ul> 
</div>

Ethereum Investors Await Rally as Addresses in Profits Hit Montly Low

TheBitTimes

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