In the last two weeks, ETH has seen massive jump in it's price and is being trade in the $2,900-$3,000 price range. Recent data shows that the addresses that acquired ETH within the $2,600 to $3,000 price range indicates a nearly equal distribution between addresses in profit and those out of profit. The data showed that 7.24M addresses, accounting for 54.73% in this category, are currently in profit. Conversely, 6.28M addresses, representing 43.84%, are currently out of profit.
The experts are reporting that we might see an increase in selling pressure if these addresses move into the breakeven region. This possibility gains strength, particularly considering that four whales sold 34k ETH near the $3,000 price, totaling around $100M. Despite the price drop, the trend remains strong, as indicated by the RSI, which is above 70 at the time of writing this article.
According to blockchain data, there has been a sharp drop in the last 72 hours, with the MVRV decreasing from over 5.7% to 1.18% at the time of this writing. This suggests that ETH holders currently hold around 1% profit in this timeframe. However, if the price continues to fall, the RSI position might change.