The Number of Addresses Holding 100+ ETH Is at a 4-Month Low

  • Glassnode alerts recently shared that the number of addresses holding 100+ ETH reached a 4-month low.
  • The altcoin leader experienced a 1.57% drop in price over the last 24 hours.
  • Technical indicators suggest that there may be a breakout in ETH’s price in the upcoming days.

The blockchain intelligence platform glassnode alerts (@glassnodealerts) tweeted this morning that the number of addresses holding 100 or more Ethereum (ETH) coins has recently reached a 4-month low. According to the tweet, there are currently 47,280 addresses holding 100+ ETH.

At press time, CoinMarketCap shows that the altcoin leader’s price has dropped 1.57% over the last 24 hours. ETH’s weekly performance has also been dragged further into the red by the weak 24-hour performance. As a result, ETH’s weekly price performance currently stands at -8.72%. Meanwhile, ETH’s price stands at $1,932.51 at press time.

Daily chart for ETH/USDT
Daily chart for ETH/USDT (Source: TradingView)

ETH’s price broke below the $2,017 support level over the last 36 hours. This comes after the crypto’s price broke below the 9-day EMA line on Wednesday. The sell pressure which caused ETH’s price to drop below the 9-day EMA line also proved to be too overwhelming for the aforementioned support level – resulting in ETH’s price dropping more than 8%.

At press time, 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, as well as the daily RSI line leveling out in neutral territory.

Should a bullish breakout ensue, ETH’s price will look to challenge the $2,017 mark. On the other hand, a break below the current support level will see ETH’s price drop to $1,818 in the next 24-48 hours.

Disclaimer: 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.


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