Recent Data Shows There Is a New ATH for ETH Addresses in Profit

The blockchain tracking firm, glassnode alerts (@glassnodealerts), tweeted this morning that the number of Ethereum (ETH) addresses in profit (7d MA) just reached an all-time high (ATH) of 67,747,106.744. The tweet follows the recent deployment of the “Shapella fork”.

At press time, the altcoin leader’s price stands above the psychological $2k mark at $2,107.05 according to CoinMarketCap. This comes after the altcoin’s price dropped around 0.33% over the last 24 hours. Nevertheless, ETH’s weekly price performance remains in the green at +12.49%.

ETH was able to strengthen against the crypto market leader, Bitcoin (BTC), by 0.83% in the past day. As a result, 1 ETH is worth approximately 0.06919 BTC at press time. ETH is also trading near its 24-hour high of $2,120.59, with its daily low sitting at around $2,049.08.

Daily chart for ETH/USDT (Source: CoinMarketCap)

The daily chart for ETH/USDT shows that ETH’s price is currently trading above the 9 and 20 EMA lines after a 3-day positive rally. During this sequence, ETH’s price rose from a low of $1,852.65 on Wednesday to a high of $2,128.76 yesterday.

Today’s trading session has seen ETH’s price retrace slightly. However, there is still some bullish support present which is trying to keep ETH’s price elevated. The daily RSI indicator currently suggests that ETH’s price has reached a peak and will drop in the next 24-48 hours. At press time, the daily RSI line has levelled out in overbought territory.

If ETH’s price closes today’s trading session below $2,016, then it could drop to the next key support level at around $1,914 in the next 24-48 hours. On the other hand, ETH’s price closing above the current resistance level at $2,120 opens up the opportunity for the altcoin’s price to rise to $2,177 in the next few days.

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