Ethereum ends September in the red the second year in a row

by in Cryptocurrency News


On the last day of September, the largest altcoin ether (ETH) was trading mostly in the red. The coin tried to jump above $ 3000 but did not hold the position, after which the pullback resumed.

On the night of Friday, October 1, the ETH rate dipped to $ 2990. Cryptocurrency capitalization is now just over $ 352.311 billion.

September ended with losses for the second year in a row. According to ByBt, in the first month of autumn, the value of ETH fell by 12.77%. In September last year, altcoin fell in price by more than 17%.

But September 2019 turned out to be successful for Ether: the coin went up in price by 5.7%.

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The fall in the price of the cryptocurrency has led to a sharp decline in the share of profitable ETH wallets. This figure fell below 90%. Repeated attempts to break above $ 3000 indicate that the ether was pumped mainly by those traders who focus on short-term storage of coins.

The IntoTheBlock report says that the number of Ethereum addresses holding cryptocurrencies for less than 30 days has grown by 43% since July. That number is approaching peaks not seen since May 2021, the researchers said.

Currently, 3.87 million short-term addresses control approximately 19.44 million ETH. Analysts are hinting that these investors will wait for the jump, and then they can dump ether on the market and provoke a more significant drop in its value.