The share of profitable Ethereum addresses fell below 90%

by in Cryptocurrency News


The September fall in the value of the largest altcoin, Ether (ETH), led to a sharp and noticeable reduction in the share of profitable addresses.

Ether capitalization decreased to $ 344.993 billion.

According to the Glassnode platform, the share of profitable Ethereum addresses fell to its lowest level since the beginning of August (89.12%).

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The coin can count on two strong support zones - $2,688 and $2,557, according to the IntoTheBlock report. If at least one of these support zones kicks in, the ether will be able to bounce up to $ 3,000 or even close to $ 3,100, experts say. According to the team, in this price range, investors have acquired a total of 2.46 million ETH.

Another factor that should help the altcoin is the reduction in the ETH exchange balance. The Santiment review says that over the year, the volume of cryptocurrency listed on exchanges decreased from 24.1% to 16.1%.

The outflow of ether from trading floors helps ease pressure on the market and creates conditions for a radical change in trend, analysts predict.