#etherreum Ethereum is on the brink of a crucial test as recent data indicates a potential continuation of its downward trend. $ETH

In a recent update, crypto analyst Ali Martinez highlighted a key support zone between $2,300 and $2,380 for Ethereum. The analyst revealed that within this range, approximately 1.62 million addresses collectively held 50.38 million ETH at the time of the update.

The significance of this support zone lies in the large volume of ETH held by these addresses. It represents the largest cluster of buyers who entered the Ethereum market after the $2,200 level to $3,000.

For comparison, in the $2,430 to $2,507 range, 1.4 million addresses hold only 3.74 million ETH, whereas in the $2,278 to $2,340 range, 1.89 million wallets hold 50.4 million ETH.

This concentration suggests that bearish market pressure will likely be more strongly defended around the $2,300 level, making it a critical point for market watchers.

👉Most Ethereum Investors In Profit

With Ethereum’s price at $2,617, over 61 million accumulated ETH tokens are “in the money,” meaning investors are holding them at a profit. These tokens represent 90.80% of all Ethereum tokens purchased within the $2,220 to $3,000 price range, indicating that most ETH holders are still in profit.

👉Additionally, according to Martinez’s chart, there’s an “At the Money” price range between $2,617.21 and $2,693.61. In this range, 92.82k addresses hold $242.82 million worth of ETH, where investors are neither in profit nor at a loss.

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