Glassnode Alerts recently reported that the number of addresses holding 100 or more Ethereum (ETH) has reached a 4-month low. As of now, there are 47,280 addresses holding 100+ ETH. The altcoin leader has experienced a 1.57% drop in price over the last 24 hours, further pushing its weekly performance into the red.
CoinMarketCap data shows that ETH’s weekly price performance is currently at -8.72%, with its price standing at $1,932.51 at the time of writing. Ethereum’s price broke below the $2,017 support level over the last 36 hours, following a drop below the 9-day EMA line on Wednesday.
ETH’s Price Squeezed Between 20-Day EMA and Support Level
Ethereum’s price is currently being squeezed between the 20-day EMA line and the support level at $1,920, which may result in a breakout within the next 24-48 hours. Technical indicators on the daily chart suggest that this breakout could be towards the upside, with the 9-day EMA trading above the 20-day EMA and the daily RSI line leveling out in neutral territory.
In the event of a bullish breakout, Ethereum’s price will aim to challenge the $2,017 mark. Conversely, a break below the current support level could see Ethereum’s price drop to $1,818 within the next 24-48 hours.
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