- Amid the recent bull run, the price of ETH surged all the way to the $1740 level.
- The price will likely decline if it breaks the $1695 short-term support.
Bitcoin formerly had the highest number of long-term investors. However, a new infographic by IntoTheBlock claims that Ethereum has flipped BTC by a difference of nearly 40 million. Both of them had improvements in this statistic when comparing results from the previous year to the present, but Ethereum leads with a 44.2% YoY rise.
When it comes to Ethereum (ETH) holdings, a digital wallet affiliated with Robinhood is the fifth largest. The on-chain analytics company Arkham Intelligence estimates that Robinhood holds 1.72 million ETH, which is worth approx. $2.93 billion.
Consolidation Phase
Amid the recent bull run, the price of ETH surged all the way to the $1740 level. However, it could not maintain the momentum and retracted to the $1700 level. Moreover, the price has been consolidating ever since and is eyeing for a breakout. Traders need confirmation of a clear breakout in either direction in order to gauge the trend.
Source: CoinMarketCap
According to CMC, the price of ETH at the time of writing is $1704 and is up 1.84% in the last 24 hours. If the price wants to start a fresh rally then it needs to break the $1740 barrier. Post which it will likely test the $1800 zone.
On the other hand, the price will likely decline if it breaks the $1695 short-term support. Moreover, the price will then likely test the $1640 level. Investors are closely watching the upcoming core PCE inflation and employment data this week. Both of which has the potential to significantly affect the crypto market.
