Traders on Standby for Breakout as ETH Price Holds at $1700

• Ethereum has surpassed Bitcoin in long-term investors with a 44.2% YoY growth.
• Robinhood’s digital wallet ranks fifth largest in Ethereum ownership, holding 1.72 million ETH.
• Ethereum is currently trading at $1704, marking a 1.84% increase in 24 hours.

Previously, Bitcoin held the record for the largest number of long-term investors. However, recent data visualized by IntoTheBlock suggests that Ethereum has surpassed Bitcoin, with a lead of approximately 40 million. Both cryptocurrencies have seen an increase in long-term investors compared to the previous year, but Ethereum takes the lead with a year-on-year growth of 44.2%.

In Ethereum ownership, a digital wallet associated with Robinhood ranks as the fifth largest. Arkham Intelligence, a firm specializing in on-chain analytics, estimates that Robinhood’s holdings amount to 1.72 million ETH, translating to an approximate value of $2.93 billion.

Phase of Consolidation

During the latest bullish trend, ETH’s value skyrocketed to $1740. However, it failed to sustain this upward trajectory and fell back to the $1700 level. Since then, the price has been in a consolidation phase, poised for a potential breakout. For traders to accurately assess the trend, they require confirmation of a definitive breakout in either direction.

As per the latest data from CoinMarketCap, Ethereum (ETH) is currently trading at $1704, marking a 1.84% increase over the past 24 hours. For a new bullish rally to commence, ETH must breach the resistance level of $1740. Once this threshold is surpassed, the digital asset will probably test the $1800 price point.

Conversely, should the price breach the immediate support level of $1695, a downward trend is anticipated, potentially testing the $1640 threshold. Market participants are keen on this week’s forthcoming core PCE inflation and employment statistics. Both these factors hold substantial sway over the cryptocurrency market’s trajectory.