- Approximately 53.5% of Ethereum addresses are currently profitable, says Glassnode.
- Ethereum’s price recently breached the crucial support level of $1600.
- Ethereum’s price could decrease if it fails to surpass $1620.
Blockchain analytics firm Glassnode recently disclosed that approximately 53.5% of Ethereum addresses are currently profitable. The value of this cryptocurrency has seen a decline of 13.66% in the past month. Furthermore, Ethereum’s
Based on the data from Glassnode, the previous instance when the proportion of Ethereum addresses in profit dipped below 54% was on January 12 of the current year. Towards the end of 2022 and the initial days of this year, the percentage declined even more.
Likely Dip Buying by Retail Traders
As per the latest data from CMC, the current price of ETH stands at $1596, marking a 1.08% increase in the last 24 hours. Recently, ETH experienced a short-term price surge after establishing support at the $1539 mark. Currently, it is challenging the resistance level of $1620. Should the price successfully exceed $1620, it could ascend towards the next resistance level set at $1670.
The recent drop in ETH’s price to $1539 is believed to have triggered a buying frenzy. Retail traders likely perceived this as an opportunity to acquire assets at their lowest prices, prompting them to act swiftly.
Conversely, if Ethereum fails to surpass the resistance level of $1620, its price could decrease again. The $1565 region is expected to offer initial support against a downward trend. Furthermore, a fall below $1530 could decline towards the $1500 zone. Under these circumstances, the price could continue to decline below the $1440 threshold.
