Ethereum [ETH]The King of Altcoin was unable to record significant improvements in June. It’s still stuck with a bear at the $ 1k level. In particular, this level was previously visited by coins when the market crash wiped out 46.4% of the value of ETH. However, the situation could improve for ETH holders in the third quarter of 2022.
Ethereum needs a boost
Looking at the entire Ethereum network, it’s easy to say that Ethereum needs a boost from investors. Now, at the basic level, networks are advancing in all directions. Obviously, the advent of ETH 2.0 and expectations for “merge” have somewhat failed to accelerate ETH’s growth.
Therefore, as ETH is currently dependent on it, it is important that broader market clues quickly become positive. The bearish market epidemic over the past few weeks has thwarted all Ethereum rally attempts. As a result, investors were forced to sell and prevent further losses.
In June alone, about 1.3 million ETH, over $ 1.45 billion, was returned to the exchange. Most of them were part of a panic sale caused by the June 9 crash.
Ethereum exchange balance | Source: Glassnode – AMB Crypto
However, most of this sale was not from the long-term HOD Ler, a proponent of Ethereum. The main reason is that the HODL wave has revealed that a one to three month cohort is in charge of sales.
Their control over supply decreased from 14% to just over 9%, resulting in increased dominance of HODlers holding supplies for less than a month.
Ethereum HODL wave | Source: Glassnode – AMB Crypto
What is ETH looking for?
What Ethereum needs now is patience from investors and a rapid recovery of the entire market. Investors are patient because they need to refrain from moving the supply until the mark price is the same as the purchase price.
Doing the opposite can result in lossy transactions, which together result in a spent production margin of less than 1.0.
Ethereum SOPR | Source: Glassnode – AMB Crypto
ETH, which was trading at $ 1,092 at the time of the press, had to return to pre-June levels at least to correct this decline.
Source: TradingView
