ETH has been closely following the leadership of Bitcoin along with the entire crypto market as the price rose this month. The largest altcoin in the market, trading at $ 3,879, is in a good position, and the same is seen from an investor’s perspective. However, the following developments could thwart the prevailing bullish sentiment in the market.
After a 30.4% rally this month, ETH is making it easier for investors. At the time of going to press, the number of lost addresses had fallen to a one-month low of 2.17 million, which corresponds to only 1% of all ETH investors.
Number of lost ETH addresses | Source: Glassnode
In fact, investors even took advantage of the ETH rally towards USD 4,000 and were able to sell their holdings. These sellers are no ordinary traders either. Medium-term ETH holders for 3-6 months and long-term holders for at least 2-3 years have sold most of their holdings this month.
ETH supply active last time 2 years to 3 years | Source: Glassnode
The supply of medium term holder (MTH) hit a 6 month low and the supply of long term holder (LTH) fell to a 7 month low.
Surprisingly, Walen bought some of the ETH from exchanges as the number of addresses with more than 10,000 ETH has increased in the past 48 hours. Even with only 10,000 ETH at each address, at least $ 4.2 billion has been bought in ETH.
BeI only have 10 credits.000 ETH and above | Source: Glassnode
Note that the sales activity of MTH and LTH is not randomly geared towards profit. It is likely that these investors will expect prices to fall soon.
As a matter of fact. The first sign comes from today’s top of the market when profitable supply hit 98.62%. Market spikes usually result in some downward correction. The price also fell on September 15, when the market high formed, and the index was similarly high at that time.
ETH supply profitable | Source: Glassnode
So it wouldn’t be surprising if the same thing happened again. In addition, the current position of the Relative Strength Index (RSI) also supports this thesis. We see the RSI breaking the overbought zone for the first time this month.
But it is also important to note whether the cooling RSI is accompanied by a decline or a simple consolidation?
ETH and RSI price campaign | Source: TradingView
In any case, prevention is always better than cure.
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Minh Anh
According to AMBCrypto
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