Ethereum Market Report: ETH is profitable for over two thirds of EOA holders
- Over 80% of externally owned accounts in ETH are making money at the current price.
- ETH/USD ay drift to the lower boundary of the current range.
Ethereum's ETH is changing hands at $243.00 at the time of writing. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Wednesday amid depressed trading activity across the board. Ethereum is the second-largest digital asset with the current market value of $27 billion. An average daily trading volume is registered at $7 billion.
80% of external ETH accounts are in green
Over 80% of ETH accounts are making profit, and this is the third time in the past two years the percentage has been so high, according to the recent report published by Glassnode. This statistical data applies only to externally owned accounts (EOAs) and it is calculated by comparison of the current ETH price with the price registered when the coin last moved on-chain.
Last time the Etereum’s supply in profit was significantly above 80%, ETH was priced at around $700, experts explained.
As long-term investors tend t accumulate more coins when the price declines, the average percentage of the supply in profit decreases. It means that after each sell-off, Ethereum’s price has to increase less to reach 80% mark of supply in profit.
ETH/USD: Technical picture
On the intraday charts, ETH/USD is oscillating inside a tight range limited by $245.00 on the upside ( the upper line of the 1-hour Bollinger Band) and $242.50 on the downside ( a combination of the lower line of the 4-hour Bollinger Band and 1-hour SMA100). A sustainable move in either direction is needed for the price to gain momentum.
Considering that 1-hour RSI points downwards, ETH/USD may continue moving down and retest the above-mentioned channel support. Once it is out of the way, the bearish pressure will increase and take the price towards $240.00.
On the upside, a move above the channel resistance of $245.00 will open up the way towards the next local barrier created by the upper line of the 4-hour Bollinger Band on approach t $247.00. However, the ultimate bullish goal is $250.00, and the recent recovery high of $253.47.
ETH/USD 1-hour chart
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Author
Tanya Abrosimova
Independent Analyst
