ETH Holders Face Losses as Profits Plunge – Can $2,500 Hold?
Ethereum has accounted for 18% of its value in the past month. As prices continue to fall, the percentage of ETH supply held by ETH in profits has fallen to its lowest level since October, indicating a challenge for Altcoin.
As sales pressures increase, ETH holders may record more short-term losses from their investments.
Loss of Ethereum holders
Double digit drop in ETH Key support has been pushed up its price below $3,000. Altcoin is currently trading at $2,640 and is still under huge pressure from bearish pressure.
Recent price declines have pushed many Ethereum holders into the red. According to GlassNode, the percentage of ETH’s profit supply fell to its lowest point since October. As of now, 64.19% of Ethereum’s total circular supply is profitable. In other words, out of 121 million ETH, 48 million ETH is still profitable.
In the context, 83% of the total cyclic supply of ETH as of January 1 was profitable. When the percentage of the decline in the asset’s revolving supply profit falls, larger holders now face losses as the asset’s market price is lower than its purchase price.
This decline usually marks a decrease in investor confidence and may indicate potential downside risks to asset prices.
especially, ETH’s open interest It also declined, confirming the decline in investor confidence. As of this writing, that’s $22 billion, down 31% since the beginning of February.
Open interest measures the total number of outstanding contracts (long or short), e.g. futures or an option that has not been resolved. When such open interest declines, it indicates a decrease in market activity or investor participation, which may indicate a decrease in confidence or a shift in market sentiment.
ETH price forecast: falling to $2,224, or reverse to $2,811?
On the daily chart, ETH traded on the downside of its downward channel, which has support of $2,553. If the sell-off gains more momentum, the Bulls may not be able to defend this level, resulting in The price of ETH extends the loss.
In this case, the price of the coin may drop to $2,500 or less, to $2,224.
However, the reversal of current market trends will invalidate this bearish forecast. In this case, the price of ETH can be restored Rises and climbs to $2,811.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
