ALERT FOR ETH! 97% of the addresses of #Ethereum are now in profit
Could an imminent wave of selling curb the bullish momentum and mark the end of the rally?
The recent and explosive surge of #ETH , which has taken it above $4,200, has created a potentially delicate situation for its short-term future. According to the analysis firm Sentora, an astounding 97% of all ETH addresses are currently "in the money," meaning the average purchase price of these addresses is below the current market price.
This extremely high profitability figure suggests that the market could face a significant increase in selling pressure. As more holders take profits, the likelihood increases that they will choose to sell, which could slow down or even halt the current price rally.
Accelerated Profit-Taking: Data from the firm Glassnode confirms that profit-taking is already underway. Profit-taking from ETH has risen again, reaching $553 million per day. This is approaching the peak levels of July, when daily profits reached $771 million.
Change in the Source of Sales: A detailed analysis reveals a crucial shift in market dynamics, while long-term holders have maintained consistent profit-taking, it is now short-term investors who are driving the wave of selling.
This indicates that traders who entered more recently are capitalizing on the recent price momentum.
