In a recent tweet, Santiment revealed that Ethereum’s market price had experienced a significant increase of +4.9% against Bitcoin in the past month. This surge in value can be attributed to the rebounding network growth, which has played a pivotal role in boosting Ethereum’s performance. As July closes, ETH displays utility numbers that are more consistent with those seen in May, indicating a potential resurgence of its price dominance over BTC.
Amid the recent market rally, a notable percentage of ETH holders have recorded significant gains. Data obtained from IntoTheBlock showcases ETH investors’ impressive profits during this market recovery period. Although the rally was relatively short-lived, it positively impacted various cryptocurrencies, with Ethereum being one of the beneficiaries. The data from the chart shows the distribution of Ethereum holders based on their current positions in the market:
- In the Money Percentage: 63.94% (63.17 million addresses)
- Out of the Money Percentage: 31.69% (31.31 million addresses)
- At the Money Percentage: 4.37% (4.32 million addresses)
This coverage encompasses a total of 100% of the ETH addresses analyzed. This statistic indicates that most ETH investors have successfully capitalized on their early investments in the second-largest cryptocurrency. However, the data reflects the overall optimism and positive sentiment surrounding Ethereum’s price performance.
Potential Resistance & Support Levels For Ethereum
The market intelligence platform IntoTheBlock also provided valuable insights by displaying potential resistance and support levels for ETH in the form of bubbles. Smaller bubbles represent levels that are easier to surpass when the price starts to move. This information can be crucial for investors and traders in making informed decisions regarding their holdings.
Based on the latest price analysis, Ethereum is currently valued at $1,830.55, and its 24-hour trading volume stands at $5 billion. Over the past 24 hours, ETH has experienced a decline of 2.02%. Regarding market ranking, it holds the #2 position on CoinMarketCap, boasting a live market capitalization of $221 billion. The circulating supply of Ethereum is 121,105,576 ETH coins.
Nevertheless, Ethereum displays promising market dynamics, and traders eagerly anticipate how it will perform in the coming months. The positive network growth and increasing profitability of ETH holders further solidify the cryptocurrency’s position in the crypto market.
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