About 89% of Ethereum holders are profitable thanks to a robust $3,700 selling volume.
The price of ETH is trading below the 100-hourly Simple Moving Average (SMA) of $3,700.
Expect a further decline to $3,250 if the price of ETH cannot hold the downside support at $3,500.
The Ethereum Dencun Upgrade was successfully implemented last week. However, the price of ETH saw significant selling pressure and corrected more than 10% after failing to hold the $4,000 barrier level. With a $430 billion market capitalization, the price of Ethereum (ETH) is $3,574 at the time of publication. Although there was some recovery for Bitcoin over the last weekend, ETH stayed under the control of the bears.
Most ETH Owners Are Making Money
The price of Ethereum (ETH) fell noticeably in recent trading sessions, falling more than 10% from its previous peak of $4,000. 89% of the network’s ETH holders, or a sizeable fraction, are still profitable despite this decline, demonstrating ETH’s endurance in market volatility.
Important on-chain information from IntoTheBlock indicates possible ETH price trajectory support levels. Remarkably, the highest concentration of on-chain sell volume was above the $3.7K threshold, where about 991,000 addresses bought 4.35 million ETH. This indicates that there may be a solid barrier to additional price growth, and market dynamics may change at this crucial point.
Critical support and resistance levels remain the focus for market participants as they closely watch ETH’s price fluctuations; the $4,000 area has emerged as an essential psychological benchmark.
Ethereum Price Movement Upcoming
According to its current price trend, Ethereum is trading below the $3,700 threshold and the 100-hourly Simple Moving Average (SMA). In the short term, resistance is located close to $3,650. On the hourly chart of ETH/USD, a prominent negative trend line is emerging, posing a challenge at $3,660.
Anticipating further, primary resistance levels appear around $3,750, the 50% Fibonacci retracement level of the most recent decline from the $4,084 swing high to the $3,414 low. After this, $3,830 is the next significant resistance, which, if broken, might ignite bullish momentum.
In an optimistic scenario, Ethereum might aim for a rise of $3,925. A challenge of the crucial $4,000 resistance might result from more upside, and there might be room to grow towards $4,080.
Failure to overcome the $3,650 resistance level could initiate a new downturn. Expect a significant support zone around $3,500, with initial support at $3,520. If selling pressure increases, Ethereum can go after the $3,420 support area and possibly much lower to $3,350 and $3,250.
