As a seasoned crypto investor with a decade-long journey through the volatile world of digital assets, I find it reassuring to see Ethereum (ETH) holding its ground even during these challenging market conditions. The current 61% profitability rate among ETH holders is a testament to the resilience and adaptability of this leading altcoin, especially when compared to the dismal figures from previous bear markets.
The market analysis tool IntoTheBlock has disclosed that a significant proportion of Ethereum (ETH) owners presently enjoy profits on their investments. Amidst the general downward trend in the market, approximately 61% of these ETH holders find themselves in a profitable position. This is an unusual occurrence for Ethereum, as it’s not common for such a high percentage of its holders to be profitable during bear markets.
As a crypto investor, I’ve noticed some concerning trends in the past. For instance, during the last bear market, only 46% of us were profitable, a stark contrast to the average. Even after the 2017 market cycle, the profitability dipped to an all-time low of just 3%. These numbers are indeed alarming, but looking at them in comparison with today’s statistics paints a different picture for Ethereum and its vast community of investors.
Approximately two out of three Ethereum (ETH) holders continue to see profits even during market slumps, suggesting that Ethereum’s resilience has been on the rise over time. Furthermore, this increased profitability is likely to boost investor trust in ETH, potentially attracting more individuals to invest in this leading altcoin.
According to IntoTheBlock’s analysis, the profitable Ethereum wallets saw a decline of nearly 10% during the 2019-2020 cycle. If a similar trend happens today, the ETH price might drop and reach bear market bottoms. However, considering the current market conditions and Ethereum’s increasing strength, it seems that any potential downturn won’t be overly severe.
Ethereum price movements
At present, Ethereum (ETH) is being transacted at approximately $2,299 following a 4.62% drop over the past day. This decline came after ETH was rejected at the resistance level of $2,445, causing it to drop from a significant support level of $2,411. Unfortunately, Ethereum has yet to surpass the $2,500 mark during the month of September as of now.
A significant level lies ahead for ETH, as it’s pivotal for the cryptocurrency to regain strength and potentially reach the $3,000 price range. Presently, the overall crypto market is experiencing a bearish trend, which might delay the start of an ETH recovery in the near future. Nonetheless, analysis by IntoTheBlock indicates that this downturn may not be excessively harsh for ETH investors.
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2024-09-16 16:33