Despite the successful implementation of the Ethereum Dencun Upgrade last week, the ETH price witnessed strong selling pressure correcting over 10% as it failed to hold the $4,000 resistance. As of press time, the Ethereum (ETH) price trades at $3,574 with a market cap of $430 billion. While Bitcoin witnessed some bounceback during the last weekend, ETH continued to remain in the grip of the bears.
Majority of ETH Holders Are Profitable
In recent trading sessions, the Ethereum (ETH) price experienced a notable decline, slipping over 10% from their recent peak of $4,000. Despite this downturn, a significant portion of ETH holders, comprising 89% of the network, are still in profit, underscoring resilience amidst market volatility.
Key on-chain data from IntoTheBlock reveals potential support levels for ETH’s price trajectory. Notably, the largest concentration of on-chain sell volume is observed around the $3.7K mark, where approximately 991,000 addresses collectively acquired 4.35 mi
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