news 
Ethereum: 82% of ETH holders in profit—Why that could change soon
The price of Ethereum (ETH) has been hovering near a critical support level, leaving investors wondering what the future holds. A break below $2,345 would have catastrophic consequences for millions of investors who currently hold profits.
Currently, an overwhelming 82.76% of ETH holders are still in profit at current levels. However, if the price weakens further and drops below this threshold, a significant number of addresses holding over 13 million ETH will find themselves in the red. This could trigger a vicious cycle of panic selling, exacerbating the downward pressure.
A glance at the on-chain data reveals that Ethereum’s new address creation has been declining, indicating reduced network activity and potential weakness in demand. If this trend continues, it could further dampen any bullish momentum in the near term.
From a technical perspective, ETH is teetering on the brink of a potentially catastrophic event. The Moving Averages suggest a bearish short-term trend, with immediate resistance sitting at $2,400 and stronger resistance at $2,500. If sellers can take control and push prices below $2,345, Ethereum may face further selling pressure, potentially targeting a range between $2,100-$2,150.
Market sentiment is also not in favor of bulls. The MACD indicator remains in the negative territory, reinforcing ongoing bearish momentum. Meanwhile, the Average Daily Range (ADR) at 132.92 suggests that ETH could be poised for sharp price swings in either direction.
In order to recover from this precarious position, buyers must step in and prop up prices above $2,345. This would need to be accompanied by an increase in new demand and a shift in market sentiment. If this scenario plays out, ETH may potentially re-target the immediate resistance at $2,500 or even higher.
On the other hand, if sellers continue to exert pressure and drive prices below this crucial level, the consequences could be dire for investors.
Source: https://ambcrypto.com/ethereum-82-of-eth-holders-in-profit-why-that-could-change-soon/
