The price of Ethereum recently broke the key support level of $1600.
ETH price witnessed a brief surge lately after finding support at $1539 level.
Glassnode, a blockchain analytics platform, recently reported that just around 53.5% of Ethereum addresses are profitable. The cryptocurrency’s price has dropped by 13.66% over the previous 30 days. Moreover, the price of Ethereum recently broke the key support level of $1600.
According to Glassnode’s calculations, the last time the percentage of profitable Ethereum addresses fell under 54% was on January 12 this year. In the latter days of 2022 and the first few days of the current year, the proportion dropped even further.
Retail Traders Likely Buying the Dip
At the time of writing the price of ETH is $1596 as per data from CMC, up 1.08% in the last 24 hours. The price of ETH witnessed a brief surge lately after finding support at $1539 level. The price is testing the $1620 resistance level at the time of writing. If the price manages
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