Ethereum might have hit bottom
Ethereum appears to have reached its lowest point. The Ethereum Cost Basis Distribution (CBD) measurements have shown an increase in supply at $1.8K, from 1.6 million Ether to 1.9 million Ether, based on the Glassnode report
According to Glassnode, this event raises the possibility of a short-term price floor. Investors continue to purchase at lower levels while maintaining support at the $1.8K mark.
The proprietary capitulation index for ETH, which is achieved by integrating data on realized loss and CBD, is substantially matched by the previously provided data. The figures are derived by applying weighted sell volumes and accounting for non-linear economic hardship.
The altcoin is far from market relief as the ETH/BTC ratio drops to 0.02 a benchmark not seen since May 2020. A 30% monthly decline has been observed as the asset can’t maintain its position below the critical support level of $2.1K
Ethereum whales, meaning wallets holding at least 1,000 ETH, peaked at 5,828 addresses on February 22 and have been dipping.
the number of Ethereum whales has reached 5,752 despite a recent recovery attempt. Ethereum market dominance has fallen to its lowest levels since 2020.
The slow decline in large holders indicates a cautious approach by major players. Ethereum’s price action remains unpredictable, prompting some large investors to reduce their exposure or take profits.
If the continued reduction in the number of Ethereum whales persists, it could mean that institutional or high net-worth investors are becoming less confident or adopting a more risk-averse posture.
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