{"id":293325,"date":"2024-05-01T08:03:20","date_gmt":"2024-05-01T02:33:20","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=293325"},"modified":"2024-05-01T08:03:20","modified_gmt":"2024-05-01T02:33:20","slug":"ethereum-prices-3360-rejection-blame-profit-taking-or-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethereum-prices-3360-rejection-blame-profit-taking-or-crypto-news\/","title":{"rendered":"Ethereum price&#8217;s $3360 rejection &#8211; Blame profit-taking or&#8230; &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<ul>\n<li><em>Ethereum saw two sizeable waves of profit-taking in the past month that projected doubts about an upcoming rally.<\/em><\/li>\n<li><em>The ETH whales have added to their stash, with retail being keen to sell.<\/em><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\/\" data-wpel-link=\"internal\">Ethereum [ETH]<\/a> saw a rejection from the $3360 resistance level over the weekend. This outlined short-term bearish sentiment.<\/p>\n<p>In other news, the latest Dencun upgrade was a success, helping L2 solutions reach low gas fees.<\/p>\n<p>The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/ethereum-upgrade-debate-how-will-eip-3074-impact-eths-future\/\" data-wpel-link=\"internal\">next target<\/a> for the developers is called Prague. Even though hopeful news was breaking, on-chain metrics showed a lack of faith from market participants.<\/p>\n<h4>The clues from the Ethereum supply distribution<\/h4>\n<div id=\"attachment_388469\" style=\"width: 3850px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-supply-distribution-compressed.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-388469\" class=\"size-full wp-image-388469\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-supply-distribution-compressed.png\" alt=\"Ethereum Supply Distribution\" width=\"3840\" height=\"1300\" \/><\/a><\/p>\n<p id=\"caption-attachment-388469\" class=\"wp-caption-text\">Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/app.santiment.net\/s\/KLZaIdrO\" data-wpel-link=\"external\">Santiment<\/a><\/p>\n<\/div>\n<p>AMBCrypto\u2019s analysis of the supply distribution showed that almost every wallet holding anywhere from 1 to 100k ETH has been selling in recent months.<\/p>\n<p>The micro wallets with under 0.1 Ethereum were the ones buying, hopeful of a rally after <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\/\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC]<\/a> halving.<\/p>\n<p>In the past, when the 100k-1 million token holder cohort was added to their stash, it came during a market rally. Sometimes it preceded a major retracement, like it did in mid-January.<\/p>\n<p>The second half of April saw this cohort quiet down, neither adding to nor selling their supply.<\/p>\n<p>The 1 million- 10 million cohort saw a sharp uptick in early March. Since then, they too have been quiet. Together, it showed that the large participants expected bullish sentiment in the coming months.<\/p>\n<p>A sharp spike in the 100k- 1 million holders\u2019 supply could be useful for traders to mark local tops and imminent retracements.<\/p>\n<h4>Does fear still rule the market?<\/h4>\n<div id=\"attachment_388468\" style=\"width: 2570px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-NRPL-compressed.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-388468\" class=\"size-full wp-image-388468\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"Ethereum Network Realized Profit\/Loss\" width=\"2560\" height=\"867\" data-lazy-srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-NRPL-compressed.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-NRPL-compressed-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-NRPL-compressed-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-NRPL-compressed-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-NRPL-compressed-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-NRPL-compressed-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-NRPL-compressed-1200x406.png 1200w\" data-lazy-sizes=\"(max-width: 2560px) 100vw, 2560px\" data-lazy-src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-NRPL-compressed.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-388468\" class=\"size-full wp-image-388468\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-NRPL-compressed.png\" alt=\"Ethereum Network Realized Profit\/Loss\" width=\"2560\" height=\"867\" \/><\/a><\/p>\n<p id=\"caption-attachment-388468\" class=\"wp-caption-text\">Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/app.santiment.net\/s\/KLZaIdrO\" data-wpel-link=\"external\">Santiment<\/a><\/p>\n<\/div>\n<p>The network realized profit\/loss (NRPL) grows during periods of swift price appreciation as profits pile up. The first two weeks of March saw strong price rallies alongside NRPL spikes.<\/p>\n<p>This indicated profit-taking activity.<\/p>\n<p>However, the NRPL has trended downward since then. It saw occasional spikes, such as in late March and mid-April, each smaller than the last.<\/p>\n<p>This showed participants were keen on booking profits even though the price was just above the $3k support zone.<\/p>\n<p>It indicated a lack of faith, which is part of the extended retracement Ethereum has witnessed in the past two months.<\/p>\n<div id=\"attachment_388467\" style=\"width: 2570px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-mean-dollar-compressed.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-388467\" class=\"size-full wp-image-388467\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"Ethereum MDIA\" width=\"2560\" height=\"867\" data-lazy-srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-mean-dollar-compressed.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-mean-dollar-compressed-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-mean-dollar-compressed-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-mean-dollar-compressed-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-mean-dollar-compressed-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-mean-dollar-compressed-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-mean-dollar-compressed-1200x406.png 1200w\" data-lazy-sizes=\"(max-width: 2560px) 100vw, 2560px\" data-lazy-src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-mean-dollar-compressed.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-388467\" class=\"size-full wp-image-388467\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MD-3-ETH-mean-dollar-compressed.png\" alt=\"Ethereum MDIA\" width=\"2560\" height=\"867\" \/><\/a><\/p>\n<p id=\"caption-attachment-388467\" class=\"wp-caption-text\">Source:<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/app.santiment.net\/s\/KLZaIdrO\" data-wpel-link=\"external\"> Santiment<\/a><\/p>\n<\/div>\n<p>On the other hand, the mean dollar invested age (MDIA) has trended strongly higher in the past month. This metric shows that the asset is in an accumulation phase once again.<\/p>\n<p>It fell sharply during the rally to indicate holders were realizing profits en masse.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Read <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\/\" data-wpel-link=\"internal\">Ethereum\u2019s [ETH] Price Prediction<\/a> 2024-25<\/p>\n<hr \/>\n<p>In the past month, the HOLDer sentiment has been stronger than the collective urge to book profits.<\/p>\n<p>In conclusion, the metrics showed both fear and hope were present in the market, but long-term investors have more reason to hold on than to sell.<\/p>\n<div class=\"post-nav\">\n<div class=\"next-blog\">\nNext: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/binance-polygon-lead-in-this-area-but-struggle-in-others-why\/\" data-wpel-link=\"internal\">Binance, Polygon lead in this area, but struggle in others \u2013 why?<\/a> <\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum saw two sizeable waves of profit-taking in the past month that projected doubts about an upcoming rally. The ETH whales have added to their stash, with retail being keen to sell. Ethereum [ETH] saw a rejection from the $3360 resistance level over the weekend. This outlined short-term bearish sentiment. In other news, the latest [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":293326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-293325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=293325"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293325\/revisions"}],"predecessor-version":[{"id":293328,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293325\/revisions\/293328"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/293326"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=293325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=293325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=293325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}