Although Ethereum rose above the $3600 level, which is an important resistance area, in September, it could not stay here and retreated to the $2650 levels with the fall of BTC.
With this withdrawal, the largest altcoin, which lost about 30 percent of its peak price in 1 month, scared its investors.
Looking at the current chart, the next most important resistance level for the price to find buyers above the fib 0.50 level is $3370.
In the bearish scenario, the most important level that can be stopped in case of closing below is $2730.
What is the Profitability Rate in Ethereum?
When we look at the on-chain data, it is seen that the profitability rate calculated on the basis of the 7-day average in ETH has reached the lowest level of the last 1 month. Reaching the level of 57.119.419, the rate was last seen at these levels on August 22.
In this case, it is seen that the profit rate of whales in ETH has decreased in the last 1 month. The following conclusions can be drawn from this data:
It is seen that the number of wallets holding more than 1,000 ETH has increased with the recent declines.
In other words, we conclude that large investors continue to stock ETH in recent declines, but their profitability ratios have decreased somewhat compared to the current price. In this case, the fact that whales continue to collect ETH and decrease in profitability may be a sign that the price will rise in the coming days, especially supported by whales.