- 90.80% of Ethereum addresses are in profit, reflecting the resilience of ETH holders.
- Whales increase ETH holdings as investors shift assets off exchanges to secure storage.
According to a post by prominent on-chain analyst Ali Chart, the percentage of Ethereum (ETH) addresses that are currently in profit, often known as in-the-money, is an amazing 90.80%. Meanwhile, those in a loss, or out-of-the-money, account for only 9.07%, with only 0.14% of addresses being at-the-money.
This data reveals that a sizable proportion of Ethereum holders have seen their investments grow, confirming the market’s general strength despite recent volatility.
If #Ethereum continues its downward trend, a key support zone to watch is between $2,300 and $2,380, where 1.62 million addresses bought over 50 million $ETH. pic.twitter.com/11LZcqicUU
— Ali (@ali_charts) August 16, 2024
Rising Profits Amid Market Volatility: Ethereum Key Support Zone in Focus
The significant increase in the number of lucrative addresses from the 66% reported by CNF just a few days ago illustrates the tremendous impact of the most recent market decline. This increase demonstrates how fast market dynamics may move, particularly in the volatile crypto market.
However, it is not just the quantity of valuable addresses that has piqued interest. Ethereum-based Exchange Traded Funds (ETFs) have also performed admirably, with trading volumes hitting a whopping $5.8 billion.
Despite these encouraging signs, Ali warns against complacency. If the ETH price continues to fall, the critical support zone to watch is between $2,300 and $2,380.
This range is interesting because it indicates the cost at which 1.62 million addresses purchased more than 50 million ETH. If the price of ETH falls into this area, it may result in increased selling pressure as holders seek to reduce their losses.
On the other hand, there are bullish signals coming from the Ethereum market. As we previously reported, despite recent price declines, large-scale investors, known as whales, have been boosting their ETH holdings.
On-chain analyst Leon Waidmann emphasized this discovery. As of August 10th, the fraction of ETH owned on exchanges had reduced to 10%, equivalent to over 12 million ETH.
This trend indicates that investors are shifting their ETH away from exchanges and into personal or self-storage, which is frequently interpreted as a positive indicator. It suggests that these investors have a long-term bullish outlook because they are less inclined to sell in the short term.
As of writing, ETH is trading at around $2,606.36, up 0.32% over the last 24 hours. Ethereum’s market cap is approximately $313.56 billion, showing the cryptocurrency’s long-standing dominance in the digital asset sector.
Recommended for you:
No spam, no lies, only insights. You can unsubscribe at any time.
Credit: Source link
