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Only 66% Of Ethereum Holders In Profit Despite 21% Price Jump
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Only 66% Of Ethereum Holders In Profit Despite 21% Price Jump

Keshav Verma
Keshav Verma
9 months ago
2 mins read
Ethereum

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On-chain data shows Ethereum has just 66% of its holders in profit despite the 21% rally the cryptocurrency has seen over the past week.

Ethereum Holders In Profit Still At Relatively Low Level

According to data from the market intelligence platform IntoTheBlock, the recent downturn in Ethereum has significantly affected the profitability ratio of holders on the network.

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In the drawdown, the ETH price had slipped from the $3,400 high near the end of July to the $2,100 level about a week ago. Since then, though, the coin has seen a sharp rebound to above the $2,700 mark.

The recovery should mean that some investors lost due to the crash would be back in profits now. Still, as IntoTheBlock notes, only 66% of the holders are currently carrying gains, implying that the profitability ratio is yet to see a notable improvement.

The analytics firm has shared a chart showing how the price ranges near the current one regarding the number of investors who bought at them.

Ethereum Cost Basis Distribution
The ranges ahead appear to carry a significant number of addresses right now | Source: IntoTheBlock on X

In the graph, the size of the dot correlates to the number of holders whose cost basis is between the corresponding price range. It would appear that many investors bought between the $2,920 to $3,000 and 3,000 to $3,080 ranges.

Naturally, these investors would lose right now due to the asset’s spot price being below these ranges. Some holders like these who are at a loss look forward to the asset rising back to their cost basis to exit the market and get their money back. Such selling can provide resistance to the coin.

This selling is usually not of a scale that can impede Ethereum. Still, when many investors share their cost basis inside the same narrow range, the chances of a significant selloff rise. Thus, the aforementioned price ranges can obstruct ETH’s recovery should it proceed that far.

Another risk to any rally is profit-taking, but as just 66% of the investors are in profits right now, the risk of a selloff happening with this motive may not be high, especially given that the coin may have already washed out a lot of weak hands during the crash.

Related Reading

Ethereum

Only 66% Of Ethereum Holders In Profit Despite 21% Price Jump

9 months ago

In some other news, as analyst Ali Martinez has explained in an X post, Ethereum has just seen a Tom Demark (TD) Sequential sell signal on its hourly chart.

Ethereum TD Sequential
The signal that has just formed in the ETH 1-hour price | Source: @ali_charts on X

Given this signal, it’s possible that Ethereum could end up witnessing a decline, although its scale may not be anything too large considering the short timeframe of the chart.

ETH Price

At the time of writing, Ethereum is trading at around $2,700, up more than 2% over the past 24 hours.

Ethereum Price Chart
Looks like the price of the asset has plunged recently | Source: ETHUSD on TradingView
Featured image from Dall-E, IntoTheBlock.com, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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