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A data metric reveals investors’ heavy accumulation when ETH incurred a recent downturn. Hence, they have gained profit which has attained a historical area of barrier, as 80 percent of ETH’s supply is now in a state of profitability.
Analytics platform Glassnode noted that 80 percent of the aggregated ETH supply is currently profitable. Interestingly, this is the third time of trying to surge over 80 percent in over a year. Previously, this did not last for a long period, as it usually falls after it attains this percentage. That could also be the case now as ETH is flashing technical signs of developing a mid-term peak.
“…Last time the Ethereum’s supply in profit was significantly above 80%, ETH was priced at around $700.”
The performance of the asset has been on the sideways over the previous several days, as it consolidated largely due to correlation to Bitcoin. At press time, ETH is on a marginal upside move at its current price of $244, representing a slight fall from recent highs of $255 established last week.
Yesterday, the bears were able to take the asset down to lows of $237. It encountered a remarkable support at this level, as a steep upswing followed thereby leading to highs of $247. Hence, $237 and $247 are the two levels which seem to represent the upper and lower boundaries of the asset’s current trading range.
As mentioned yesterday, analysts think that its strength is revealing faltering signs and a trader said ETH must sustain price levels above $217 for its uptrend to remain intact. The immediate direction of ETH will become clearer in the coming few days.