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.
It is important to note that the views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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.
