Ethereum Retail Traders on the Run as ETH Price Struggles at $1.6K

Ether has faced a challenging period in terms of price performance since early August, dropping below the $1,800 mark. The trend has consistently exhibited a downward trajectory on longer-term price charts, making it a daunting task for buyers to reverse this course.

As a result of this increased bearish market structure, retail traders of Ether appear to be on the run.

  • According to Glassnode’s latest alert, Ether addresses with above 1 ETH have been on a significant decline.
  • On September 25th, the number of these holder addresses in this cohort had hit 1.74 million, representing a three-month low.
  • This suggested a dwindling appetite of retail investors for wallets with relatively modest Ether holdings as the market conditions prompted them to reduce their exposure to the crypto asset.
  • Meanwhile, another cohort of retail holders – the number of addresses holding over 10 ETH – also met a similar fate, reaching a 3-month low of 347.8k.
  • The number of addresses Holding 0.1 ETH also hit a 5-month low of 5.12 million.
  • Such a pronounced trend among the small Ether addresses could further suggest a lack of confidence in the altcoin’s short-term prospects despite minor hints of opportunity for traders.
  • Additionally, Ether’s transaction volume (7d MA) also dropped to $56.13 million, its lowest in eight months.
  • The Ethereum network’s average transaction fee also declined to its lowest point for the year, coinciding with a decrease in on-chain activity.
  • It’s worth highlighting that this decline occurs as the supply of ETH has shifted back to an inflationary phase.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.


.custom-author-info{ border-top:none; margin:0px; margin-bottom:25px; background: #f1f1f1; } .custom-author-info .author-title{ margin-top:0px; color:#3b3b3b; background:#fed319; padding:5px 15px; font-size: 20px; } .author-info .author-avatar { margin: 0px 25px 0px 15px; } .custom-author-info .author-avatar img{ border-radius: 50%; border: 2px solid #d0c9c9; padding: 3px; }

The post appeared first on CryptoPotato

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 68,660.40 0.35%
Ethereum (ETH) $ 2,426.19 1.80%
Tether (USDT) $ 0.99928 0.05%
BNB (BNB) $ 558.44 0.22%
Solana (SOL) $ 161.17 0.47%
USDC (USDC) $ 1.00 0.03%
XRP (XRP) $ 0.511381 1.06%
Dogecoin (DOGE) $ 0.167657 10.47%
Lido Staked Ether (STETH) $ 2,425.10 1.79%
TRON (TRX) $ 0.162431 1.52%