Ethereum price’s $3360 rejection – Blame profit-taking or…

In the past, when the 100k-1 million ETH holder cohort added to their stash, it was during a market rally.for the developers is called Prague. Even though hopeful news was breaking, on-chain metrics showed a lack of faith from market participants.AMBCrypto’s analysis of the supply distribution showed that almost every wallet holding anywhere from 1 to 100k ETH has been selling in recent months.

In the past, when the 100k-1 million token holder cohort was added to their stash, it came during a market rally. Sometimes it preceded a major retracement, like it did in mid-January.The 1 million- 10 million cohort saw a sharp uptick in early March. Since then, they too have been quiet. Together, it showed that the large participants expected bullish sentiment in the coming months.

A sharp spike in the 100k- 1 million holders’ supply could be useful for traders to mark local tops and imminent retracements.The network realized profit/loss grows during periods of swift price appreciation as profits pile up. The first two weeks of March saw strong price rallies alongside NRPL spikes.However, the NRPL has trended downward since then. It saw occasional spikes, such as in late March and mid-April, each smaller than the last.

This showed participants were keen on booking profits even though the price was just above the $3k support zone. It indicated a lack of faith, which is part of the extended retracement Ethereum has witnessed in the past two months.On the other hand, the mean dollar invested age has trended strongly higher in the past month. This metric shows that the asset is in an accumulation phase once again.In conclusion, the metrics showed both fear and hope were present in the market, but long-term investors have more reason to hold on than to sell.Akashnath Sumukar works as a Senior Journalist at AMBCrypto.

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