September was not a good time for ETH, when it posted more losses than both Bitcoin and several other altcoins. October was much smoother, however. ETH’s month-long bull run set records, but the question is how long will it take?

Orbit of the ETH

ETH is the only coin that was consistently up in October, including last week when most of the altcoins were consolidating. As a result, it broke the USD 4,200 resistance on October 29, marking a new ATH.

Additionally, the price rebounded 6.28% on Nov 2nd, posting an ATH of $ 4,595. Note that reaching 2 ATH in just a week is a rarity for ETH as well as any other top coin. So what’s next?

According to the Fib Retracement Indicator, the new ATH is above the 61.8% mark on November 2nd. With the market still in an uptrend (white dotted parabolic SAR line under the candle), a bounce off the 0.618 line will push the largest altcoin higher.

ETH price campaign | Source: TradingView

However, a decline below this level invalidates the upward move and is expected to consolidate or decline. Second, the profitable supply percentage is 99.992%, which was last in May, so for the first time since May, all investors have made a profit and no one has lost.

Percentage of ETH offering profitable | Source: Glassnode

However, investors still need to be cautious as the market high occurred once when 99% of supply was profitable. Historically, market spikes have been the trigger for corrections, so the likelihood is high that ETH will reverse at any time.

Although ETH has been in this area for over a month, it continues to rise. However, the price increases the possibility of a correction. We have also seen an increase in the number of medium-term owners and some younger long-term (LTH) owners.

On the flip side, the number of coins held for 2 to 5 years is gradually decreasing, suggesting that LTH is moving assets to take profits or hedge losses.

Long-term ETH holder | Source: Glassnode

In any case, LTH is very important to stabilize the price. You have to hold positions to ensure this so far. A correction can also be imminent, it only depends on the “when”.

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