IntoTheBlock Shows 63.9% of Ethereum Holders Are Profitable
According to data from IntoTheBlock, a larger percentage of Ethereum (ETH) holders recorded significant gains during the recent market rally. Although short-lived, the market recovery in July favored multiple crypto tokens, including ethereum (ETH). Therefore, the holder of the second largest crypto asset is one of those who profited from the early investment.
According to the data, 63.94% of ETH holders are currently in profit. This shows that the 63.17 million addresses holding ETH have earned a solid ROI as ETH remains above $1,800. 31.69% of ETH holders are currently counting losses. This shows that the 31.31 million addresses holding ETH have a negative ROI. The on-chain data analytics platform further revealed some key potential resistance and support levels for ETH.
Notably, ETH is one of the best performing currencies in the cryptocurrency market. Large-cap assets, in particular, have maintained a bullish trend over the past eight months.
Recall that last November ETH fell to $1,073. This price level marked the bottom of the asset's long-term bearish run over the past year. It also represents the start of a multi-month bullish trendline for the asset. ETH rose above $2,140 in early April as some investors steadily accumulated the token. But the price fell to $1,626 in June as traders took profits heavily. During the market rally around mid-July, ETH surged above $2,000 as Ripple scored a partial victory in the SEC lawsuit.
Regardless, ETH has yet to break below the bullish trendline on the ETH/USDT one-day chart. While the chart pattern points to further gains, its one-day frame relative strength index (41) shows declining buying pressure.
The asset is currently trading at $1,826, although ETH proponents are hoping for another rally. It was down 2.25% over the past 24 hours, compared to a 0.08% gain in the last seven days, the data showed.
(Data source: ALBERT BROWN)