The number of addresses holding 100 or more Ethereum (ETH) coins has reached a four-month low, according to a tweet from blockchain intelligence platform glassnode alerts (@glassnodealerts). The tweet revealed that currently, there are 47,280 addresses holding 100+ ETH. This news comes as CoinMarketCap showed a 1.57% drop in ETH’s price over the last 24 hours, dragging its weekly performance further into the red with a standing of -8.72%. At press time, ETH’s price was $1,932.51.
ETH’s price chart showed that the cryptocurrency broke below the $2,017 support level in the last 36 hours, following a break below the 9-day EMA line on Wednesday. The sell pressure that caused ETH’s price to drop below the 9-day EMA line was too overwhelming for the support level, resulting in an 8% drop in ETH’s price. At present, ETH’s price is being squeezed by the 20-day EMA line and the support level at $1,920, which may result in a breakout in the next 24-48 hours.
Technical indicators on ETH’s daily chart suggest that this breakout will be towards the upside, with the 9-day EMA trading above the 20-day EMA, and the daily RSI line leveling out in neutral territory. If a bullish breakout ensues, ETH’s price will challenge the $2,017 mark. However, if the current support level breaks, ETH’s price may drop to $1,818 in the next 24-48 hours.
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In conclusion, the recent drop in the number of addresses holding 100+ ETH is a concerning trend for the cryptocurrency market. However, technical indicators suggest that there may be an upside breakout in the next 24-48 hours. As always, investors are advised to do their own research and exercise caution when investing in cryptocurrencies.