Ethereum Wallet Activity: 3-Month Low for Owners of 1+ Coins

Ethereum (ETH), a decentralized blockchain platform for Investors Holding one or More Coins, has dropped to a three-month Low. According to a report from the on-chain monitoring service Glassnode Alerts, the number of addresses with 1+ ETH has fallen to 1,743,744, a 3-month low. 

The same post reported 1,743,795 addresses as the low for the last three months on 23 September 2023. Glassnode Alerts said that in a remarkable development for the Ethereum network, the TVL in the ETH 2.0 Deposit Contract has soared to an all-time high (ATH) of 29,427,484 ETH. 

The leading altcoin maintained its upward trade momentum as the number of Ethereum addresses holding one or more than one coins fell. However, a significant negative technical sign may become active during the next 48 hours, potentially indicating a reversal of the bearish trend for Ethereum.

Glassnode Alerts said in a recent report the 7-day moving average shows that the number of addresses experiencing losses for Ethereum has reached an all-time high (ATH). The data offers an impressive figure of 49,939,211.006, surpassing the previous ATH of 49,921,736.464, noted on 15 September 2023.

Ethereum On-chain Bearish Signs

If ETH breaks through the $1,580 support in the next few days, it might expose the cryptocurrency to the $1,480 level. Furthermore, this move would involve ETH’s price crossing below the daily chart trend line, formed following two consecutive higher lows.

But, if the $1,580 support level holds steady over the next 20 days, ETH’s price might climb above the 9-day and 20-day Exponential Moving Average (EMA) lines. For ETH to potentially surpass the next resistance level at $1,690, a successful breach of these two key indicators could lay the necessary foundation.

With sustained purchasing pressure, ETH may successfully convert the $1,690 resistance level to a support level. As a result, there is potential for the altcoin’s price to continue rising, hitting $1,775 within the upcoming week.

However, it’s important to remember that technical indications now point to a negative situation for the coming week. In the first place, the 9-day Exponential Moving Average line is below the 20-day EMA line, indicating a stronger bearish trend over the last 9 days compared to the last 20 days.

Comments (No)

Leave a Reply