Only 66% Of Ethereum Holders In Profit Despite 21% Price Jump
2024年8月13日 - 3:30PM
NEWSBTC
On-chain data shows Ethereum has just 66% of its holders in profit
despite the 21% rally the cryptocurrency has seen over the past
week. Ethereum Holders In Profit Still At Relatively Low Level
According to data from the market intelligence platform
IntoTheBlock, the recent downturn in Ethereum has significantly
affected the profitability ratio of holders on the network. Related
Reading: Bitcoin Investors Again Show Extreme Fear As BTC Slips To
$59,000 In the drawdown, the ETH price had slipped from the $3,400
high near the end of July to the $2,100 level about a week ago.
Since then, though, the coin has seen a sharp rebound to above the
$2,700 mark. The recovery should mean that some investors lost due
to the crash would be back in profits now. Still, as IntoTheBlock
notes, only 66% of the holders are currently carrying gains,
implying that the profitability ratio is yet to see a notable
improvement. The analytics firm has shared a chart showing how the
price ranges near the current one regarding the number of investors
who bought at them. In the graph, the size of the dot correlates to
the number of holders whose cost basis is between the corresponding
price range. It would appear that many investors bought between the
$2,920 to $3,000 and 3,000 to $3,080 ranges. Naturally, these
investors would lose right now due to the asset’s spot price being
below these ranges. Some holders like these who are at a loss look
forward to the asset rising back to their cost basis to exit the
market and get their money back. Such selling can provide
resistance to the coin. This selling is usually not of a scale that
can impede Ethereum. Still, when many investors share their cost
basis inside the same narrow range, the chances of a significant
selloff rise. Thus, the aforementioned price ranges can obstruct
ETH’s recovery should it proceed that far. Another risk to any
rally is profit-taking, but as just 66% of the investors are in
profits right now, the risk of a selloff happening with this motive
may not be high, especially given that the coin may have already
washed out a lot of weak hands during the crash. Related Reading:
Bitcoin Open Interest Plunges As BTC Crosses $60,000 In some other
news, as analyst Ali Martinez has explained in an X post, Ethereum
has just seen a Tom Demark (TD) Sequential sell signal on its
hourly chart. Given this signal, it’s possible that Ethereum could
end up witnessing a decline, although its scale may not be anything
too large considering the short timeframe of the chart. ETH Price
At the time of writing, Ethereum is trading at around $2,700, up
more than 2% over the past 24 hours. Featured image from Dall-E,
IntoTheBlock.com, charts from TradingView.com
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