Ethereum

Bitcoin

Reversal

<p>Despite the successful implementation of the <a href="https://coingape.com/ethereum-dencun-upgrade-goes-live-eth-price-sees-volatility/" target="_blank" rel="noopener noreferrer nofollow">Ethereum Dencun Upgrade</a> last week, the ETH price witnessed strong selling pressure correcting over 10% as it failed to hold the $4,000 resistance. As of press time, the Ethereum (ETH) price trades at $3,574 with a market cap of $430 billion. While Bitcoin witnessed some bounceback during the last weekend, ETH continued to remain in the grip of the bears.</p>
<h3 id="majority-of-eth-holders-are-profitable">Majority of ETH Holders Are Profitable</h3>
<p>In recent trading sessions, the <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum (ETH) price</a> experienced a notable decline, slipping over 10% from their recent peak of $4,000. Despite this downturn, a significant portion of ETH holders, comprising 89% of the network, are still in profit, underscoring resilience amidst market volatility.</p>
<p>Key on-chain data from IntoTheBlock reveals potential support levels for ETH’s price trajectory. Notably, the largest concentration of on-chain sell volume is observed around the $3.7K mark, where approximately 991,000 addresses collectively acquired 4.35 million ETH. This suggests a formidable barrier to further price appreciation, with market dynamics poised to pivot around this critical level.</p>
<figure id="attachment_186509" aria-describedby="caption-attachment-186509" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-186509" src="https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Supply-Demand.jpeg" alt="" width="1695" height="293" srcset="https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Supply-Demand.jpeg 1695w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Supply-Demand-300x52.jpeg 300w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Supply-Demand-1224x212.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Supply-Demand-768x133.jpeg 768w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Supply-Demand-1536x266.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Supply-Demand-150x26.jpeg 150w" sizes="(max-width: 1695px) 100vw, 1695px">
 <figcaption id="caption-attachment-186509" class="wp-caption-text">
  Courtesy: <a rel="noopener noreferrer nofollow" href="https://twitter.com/intotheblock/status/1769668513302552704/photo/1" target="_blank">IntoTheBlock</a>
 </figcaption>
</figure>
<p>As market participants closely monitor ETH’s price movements, attention remains focused on key support and resistance levels, with the $4,000 range emerging as a significant psychological benchmark.</p>
<h3 id="ethereum-price-action-ahead">Ethereum Price Action Ahead</h3>
<p>Ethereum’s price trajectory finds it currently trading below the $3,700 mark and the 100-hourly Simple Moving Average (SMA). In the immediate term, resistance looms near the $3,650 level, with a notable bearish trend line forming, presenting a challenge at $3,660 on the hourly chart of ETH/USD.</p>
<p>Looking ahead, significant resistance hurdles emerge near the $3,750 level, representing the 50% Fibonacci retracement level of the recent downward move from the $4,084 swing high to the $3,414 low. Beyond this, the next major resistance lies at $3,830, potentially catalyzing bullish momentum if breached.</p>
<figure id="attachment_186510" aria-describedby="caption-attachment-186510" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-186510" src="https://coingape.com/wp-content/uploads/2024/03/ETHUSD-1.jpeg" alt="" width="1024" height="461" srcset="https://coingape.com/wp-content/uploads/2024/03/ETHUSD-1.jpeg 1024w, https://coingape.com/wp-content/uploads/2024/03/ETHUSD-1-300x135.jpeg 300w, https://coingape.com/wp-content/uploads/2024/03/ETHUSD-1-768x346.jpeg 768w, https://coingape.com/wp-content/uploads/2024/03/ETHUSD-1-150x68.jpeg 150w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption id="caption-attachment-186510" class="wp-caption-text">
  Courtesy: <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/news/newsbtc:64541f83d094b:0-ethereum-price-grinds-lower-why-pullback-is-not-over-yet/" target="_blank">NewsBTC</a>
 </figcaption>
</figure>
<p>In a bullish scenario, Ethereum could eye a rally towards the $3,925 level. Further upside may lead to a test of the critical $4,000 resistance, with the potential for further gains toward $4,080.</p>
<p>Conversely, failure to surpass the $3,650 resistance may trigger a fresh decline. Initial support is anticipated around the $3,520 level, followed by a more substantial support zone near $3,500. Should selling pressure intensify, Ethereum may target the $3,420 support zone, potentially extending losses towards $3,350 and $3,250 levels.</p>
<p>The post <a href="https://coingape.com/ethereum-eth-price-reversal-unlikely-soon-as-majority-holders-still-in-profit/" rel="noopener noreferrer nofollow">Ethereum (ETH) Price Reversal Unlikely Soon As Majority Holders Still In Profit</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Ethereum (ETH) Price Reversal Unlikely Soon As Majority Holders Still In Profit

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