Summary
- Glassnode suggested a potential surge in sell orders if Ethereum's price drops.
- $123 billion worth of Ethereum is in the 0-20% profit range, making it vulnerable to price drops.
- Currently, Ethereum is trading at $2,647 on Binance, up 3.21%.
An analysis has emerged suggesting that even a slight drop in Ethereum (ETH) prices could lead to a surge in sell orders.
On the 27th (local time), Glassnode stated on X (formerly Twitter) that "$123 billion worth of Ethereum is currently in the 0-20% profit range compared to the purchase price," indicating that "a large volume of sell orders could emerge with even a slight price drop." They added, "Despite the recent market uptrend, Ethereum is in a vulnerable position to price drops."
As of 9:04 PM, Ethereum is trading at $2,647 on the Binance USDT market, up 3.21% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
