When we look at the latest data shared by IntoTheBlock on Ethereum profitability rate, it is seen that despite the recent decline, it has remained strong and a 69.25% share of addresses holding Ethereum is in profit.
After the last drop last week, the price started an upward move towards the $3,100 and $3,200 resistance areas.
However, ETH failed to stay above the $3,000 level and created a pullback to the 2800 support zone again.
When we examine IntoTheBlock profitability values and technical data, we can see that with the latest decline, it got its first reaction at the level of 2800 and 2790 dollars, and the momentum here coincides with the price.
It is seen that another formation has not yet broken the oblique resistance level coming from the last peak, but it has received a reaction from the support zone.
Therefore, this situation may initiate a rise to both the resistance zone and the upper trend structure. However, 3168 and 3200 dollars, which are the major resistance levels, will need to hold on to this region with a voluminous break in order to change the falling trend structure in the upward direction.
Otherwise, a pullback to $2500 can be seen if the oblique support areas lose the buyer pressure, that is, if the $2700 region cannot be protected.
When we look at the RSI and MACD sides, especially on the RSI side, there is a positive dissonance in the 4-hour time frame and it is rising towards the neutral region with the reaction from the oversold region. At the same time, there is an upward crossing of the averages in the MACD data.
As a result, it is seen that sellers are more dominant than buyers in these regions, since there is no rising trend structure in daily and weekly timeframes.
Recently, especially on the ETH side, which goes in parallel with BTC, I think that if Bitcoin goes into an upward trend, these effects should be followed by observing whether they affect the momentum flow relationship to altcoins.