news 
Title: 74% Ethereum supply is underwater – ETH’s next steps look uncertain
As of March 31st, a staggering 73.97% of the Ethereum supply has gone underwater, casting a dark shadow over the current market structure and fueling concerns about the asset’s next steps.
The data, courtesy of IntoTheBlock, reveals that approximately 106.75 million coins are now held at a loss, with only 24.07% remaining in profit. This imbalance paints a bleak picture of the current state of affairs, as even early January’s profits have given way to consecutive losses since then.
This situation mirrors capitulation behavior, where investors’ reduced short-term confidence is reflected in their decisions. Unfortunately for Ethereum enthusiasts, this reality has seen them stuck below $2,200 for quite some time, with upside capped by seller pressure and limited buyer interest.
In the meantime, it’s essential to recognize that a significant breakout could still be possible if accompanied by enough volume and demand. The question remains, however, until when will such an event transpire?
Source: https://ambcrypto.com/74-ethereum-supply-is-underwater-eths-next-steps-look-uncertain/
