Number of ETH Investors In Profit Reaches New 1- Month Low

The on-chain analytics platform, Glassnode Alerts, took to Twitter this morning to share that many Ethereum (ETH) holders are currently at a loss. According to the post, the number of ETH addresses in profit (7d MA) has reached a new 1-month low of 60,533,095.702.

ETH number of addresses in profit 7d MA (Source: Glassnode Alerts)

The previous low of 60,575,330.976 was recorded on 10 June of this year. The massive sell-off in the crypto market heading into the weekend could be one factor contributing to the low amount of ETH addresses in profit at press time.

Meanwhile, the altcoin saw a 1.04% price increase over the past 24 hours, and was changing hands at $1,756.48 at press time. As a result, ETH was trading closer to its daily high of $1,772.46 than its 24-hour low of $1,721.44.

ETH’s weekly performance was, however, still down by more than 7%. After the carnage in the crypto market over the past week, ETH was down more than 60% from its all-time high (ATH) of $4,891.70 which was reached in November 2021.

Daily chart for ETH/USDT (Source: TradingView)

ETH’s price had touched the crucial support level at $1,704.70 over the past 48 hours as well, but bulls were able to defend the key price mark – causing ETH’s price to rebound off of the support. In doing so, ETH’s price had printed a medium-term higher low, which resulted in a positive trend line forming on the altcoin’s daily chart.

Should its price remain above this positive trend line for the next 48 hours, ETH may look to climb to the resistance level at $1,933 in the coming week. Conversely, a break below the trend line in the next 48 hours will put ETH’s price at risk of dropping to $1,585 in the following days.

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