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.

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.

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