Hodlers ETH is losing money but may soon return to profit when prices are rising more than 23%


According to a recent analysis, a significant number of ETH hodlers are at a loss at the moment, but many technical indicators estimate that they may soon regain profits when Ether is surging more than 23%.



ETH Hodlers are losing money


IntoTheBlock recently has analysis returns of the address in the ETh using the In / Out of the Money index.


Based on this on-chain data, the company was able to determine that out of all the addresses currently holding Ether, only 3.28% of them would be profitable if they sold at market value. present.



In-Out of the Money. Source: IntoTheBlock


This total represents nearly 1.20 million addresses, currently holding over 20 million ETH purchased at very low prices. Currently, only 18.3% of the total circulating supply is profitable, according to IntoTheBlock.


Hodlers ETH money 3


In-Out of the Money. Source: IntoTheBlock


The company believes that based on historical data, the current percentage of profitable addresses is at its lowest level ever.



In-Out of the Money history. Source: IntoTheBlock


Although most ETH hodlers are at a loss, they may soon be freed from the recent recession because some technical models estimate that ETH is preparing for a strong bullish impulse. .


ETH is reversing gains


Based on its 1-hour chart, the ETH price appears to break out of a symmetrical triangle, where it has been clamped for the past week. This technical formation represents a period of consolidation before prices are forced to break out in a positive or negative trend.


The recent move on the upper trend line can be considered the beginning of a new uptrend.


Based on the gap between the high and the initial low, the symmetrical triangle predicts the target to increase by about 40%. An increase in the buying pressure behind Ether could see the price rise to $ 169 confirming the bullish outlook presented by this technical model.


Hodlers ETH money 5


ETH / USD according to TradingView


However, at present, ETH price is facing a big barrier in the recovery process. After trading in a range for a few sessions, Ethereum has gained strength above the $ 125 resistance level. It broke an important barrier near the $ 130 level to start a solid rally.


The bull has gained momentum and the price has risen above the $ 135 level. In addition, there was a close above the $ 135 level and the 100 hour SMA. Prices traded at a new weekly high of $ 147, where bears emerged.


On the upside, Ethereum is facing a series of important hurdles, starting with $ 142 and up to $ 150. To move into an uptrend and start a strong rally, the price must be stable. above the $ 150 resistance level.


Otherwise, it is likely to slide back to $ 126 and $ 122 levels in the coming sessions. Major support is currently forming near the $ 120 level.


You can see the price of Bitcoin here.


Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


Annie


According to AZCoin News


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