The Share of Profitable Ethereum Addresses Exceeds 56%
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The significant drop below $1,700 was influenced by widespread profit-taking in the cryptocurrency market.
Analysts predict that a similar surge is unlikely to occur in the near future, as traders have adopted a more cautious approach after the recent jump.
The number of altcoin holders has reached a new record high, reaching close to 107 million as reported by the Glassnode platform.
The Relative Strength Index (RSI) has dipped below 50, signaling that Ethereum is currently oversold. While the immediate support level for the cryptocurrency is at $1,620, experts believe it should remain stable above $1,650.
This price point is of particular interest to most investors, who are not keen on seeing a significant drop in the altcoin’s value.
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