Summary:
Ether has faced a challenging period in terms of price performance since early August, dropping below the ,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
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Chayanika Deka considers the following as important: AA News
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Ether has faced a challenging period in terms of price performance since early August, dropping below the ,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
Topics:
Chayanika Deka considers the following as important: AA News
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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.