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Home Ethereum

Ethereum falls 6% in 24 hours: How did holders react?

January 5, 2024
in Ethereum
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Ethereum falls 6% in 24 hours: How did holders react?
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  • ETH witnessed its highest drop in over two months.
  • The Ethereum in profit has gone below 80%.

Ethereum [ETH] experienced a significant decline in its price, leading to a corresponding decrease in profit supply.

Ethereum sees highest drop in months

On the 2nd of January, Ethereum faced a notable decrease of over 6%, settling at about $2,210 based on a daily timeframe chart. The chart analysis showed a positive start to the year, with some intermittent declines up to the 2nd of January.

However, the most recent dip marked the steepest drop observed in the past few weeks. 

ETH/USD price trend

Source: Trading View

Additionally, this price drop caused the Relative Strength Index (RSI) to fall below the neutral line. As of this writing, the RSI remained below the line despite a slight uptick in the price.

The price was around $2,230, with less than a 1% increase as of this writing. Also, the short-moving average (yellow line) continued to act as support for now. Nevertheless, this support could shift if the price falls below the existing range.

Ethereum sees more outflows

Surprisingly, Ethereum witnessed increased outflows on the 3rd of January, even in the face of a declining price. Leading up to this date, there was a prevailing trend of inflows, signifying a greater influx of ETH into exchanges for potential sale.

However, this pattern shifted on the 3rd of January, with over 22,000 ETH leaving exchanges. The netflow on exchanges remains positive, albeit marginally, indicating a higher sales volume.

It is notable that, at press time, there was no evident indication of an imminent sell-off.

Ethereum netflow

Source: Cryptoquant

ETH supply in profit takes a slight beating

The impact of the price decline extended to the Ethereum supply in profit. AMBCrypto’s analysis of the supply in profit on Santiment showed a significant reduction in the volume of ETH that was in a profitable position.

See also  Ethereum brushes against $4k! Will the market optimism continue?

Before the 3rd of January, the supply in profit was over 110 million ETH, constituting over 84% of the total supply. 


Is your portfolio green? Check out the ETH Profit Calculator


However, by the conclusion of the day on the 3rd of January, this figure had decreased to around 107 million, accounting for about 82% of the supply.

As of this writing, the supply in profit had further reduced to around 104 million, representing about 79% of the total supply.

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  • ETH witnessed its highest drop in over two months.
  • The Ethereum in profit has gone below 80%.

Ethereum [ETH] experienced a significant decline in its price, leading to a corresponding decrease in profit supply.

Ethereum sees highest drop in months

On the 2nd of January, Ethereum faced a notable decrease of over 6%, settling at about $2,210 based on a daily timeframe chart. The chart analysis showed a positive start to the year, with some intermittent declines up to the 2nd of January.

However, the most recent dip marked the steepest drop observed in the past few weeks. 

ETH/USD price trend

Source: Trading View

Additionally, this price drop caused the Relative Strength Index (RSI) to fall below the neutral line. As of this writing, the RSI remained below the line despite a slight uptick in the price.

The price was around $2,230, with less than a 1% increase as of this writing. Also, the short-moving average (yellow line) continued to act as support for now. Nevertheless, this support could shift if the price falls below the existing range.

See also  Ethereum (ETH) Consolidates Within Tight Range As Key Support Level Forms

Ethereum sees more outflows

Surprisingly, Ethereum witnessed increased outflows on the 3rd of January, even in the face of a declining price. Leading up to this date, there was a prevailing trend of inflows, signifying a greater influx of ETH into exchanges for potential sale.

However, this pattern shifted on the 3rd of January, with over 22,000 ETH leaving exchanges. The netflow on exchanges remains positive, albeit marginally, indicating a higher sales volume.

It is notable that, at press time, there was no evident indication of an imminent sell-off.

Ethereum netflow

Source: Cryptoquant

ETH supply in profit takes a slight beating

The impact of the price decline extended to the Ethereum supply in profit. AMBCrypto’s analysis of the supply in profit on Santiment showed a significant reduction in the volume of ETH that was in a profitable position.

Before the 3rd of January, the supply in profit was over 110 million ETH, constituting over 84% of the total supply. 


Is your portfolio green? Check out the ETH Profit Calculator


However, by the conclusion of the day on the 3rd of January, this figure had decreased to around 107 million, accounting for about 82% of the supply.

As of this writing, the supply in profit had further reduced to around 104 million, representing about 79% of the total supply.

Tags: EthereumFallsHoldershoursReact

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Bitcoin miners face uncertain future amidst BTC’s fluctuations

Bitcoin miners face uncertain future amidst BTC’s fluctuations

October 9, 2024
EverCommerce Announces Changes to Its Board Of Directors

EverCommerce Announces Changes to Its Board Of Directors

September 21, 2024
Bitcoin Mining Pool Ocean Successfully Mines Third Block in Ongoing Decentralization Quest

Bitcoin Mining Pool Ocean Successfully Mines Third Block in Ongoing Decentralization Quest

December 27, 2023
6G Market Report 2024 – 6G Market Growth And Share By 2033

6G Market Report 2024 – 6G Market Growth And Share By 2033

October 4, 2024

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