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ETH Price Reversal Unlikely: Majority Holders Remain Profitable

ETH Price Reversal Unlikely: Majority Holders Remain Profitable

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.

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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.

In/Out of the money around price
Thanks to IntoTheBlock

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.

Ethereum (ETH) trading chart
With thanks to NewsBTC

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.

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