The post The 79.92% of Ethereum addresses is currently in profit appeared on BitcoinEthereumNews.com.

Ethereum (ETH), the second crypto by market capitalization after Bitcoin, continues to generate great interest among investors and analysts, especially in light of recent news about its profitability and profit.  According to an analysis conducted by the CryptoQuant analyst, known as Baykuş, a surprising 79.92% of Ethereum addresses are currently in profit. This data, reported on X (formerly Twitter), highlights a particularly favorable situation for ETH holders, indicating not only a solid bull phase but also a general confidence in the potential of Ethereum. The importance of a high number of addresses in profit for Ethereum When such a significant percentage of addresses is in profit, as in the current case of Ethereum, one can speak of a climate of optimism in the market. This not only represents a gain for those who have already invested, but can also attract new investors, as an asset in strong profit tends to have greater appeal. Such a scenario could further support the price of ETH and encourage the entry of new capital into the market. But why is it so important that almost 80% of the addresses are in profit? This figure indicates that the majority of investors have purchased ETH at a lower price compared to the current one, demonstrating that the long-term trend for Ethereum has been largely positive. In this way, investors are incentivized to maintain their positions rather than sell, reducing selling pressure and supporting the value of the cryptocurrency. Support and resistance levels: analysis by Baykuş In addition to the percentage of addresses in profit, the analyst Baykuş also provided a technical assessment on Ethereum, highlighting the main support and resistance levels that could influence price movements in the short term.  Understanding these levels is crucial for investors, as it provides indications of possible thresholds where the…

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Filed under: News - @ November 4, 2024 9:25 pm