Ether needs support to break above $1,700

Ethereum (ETH) added more than 6% in a day and rose to $1670. Altcoin is approaching a zone of strong resistance, formed in the range from $1700 to $1800.

Thanks to the activation of traders, the coin managed to break above $1660. However, the pressure could intensify as early as tonight, and Ether could drop to $1640.

On the Kraken exchange on Wednesday, February 8, ETH reached $1698, but soon the cryptocurrency returned to the correction zone. Nevertheless, another attempt to storm is possible in the coming days if Ethereum stays above $1,660, analysts predict.

The decrease in the volume of cryptocurrency on the exchanges creates the conditions for a new rebound, as the supply of ETH available for purchase is reduced.

According to CryptoQuant, just over 18.334 million Ether has been placed on exchange wallets. At the beginning of January 2023, the altcoin was at $1203, its value increased by 33% in a month.

In parallel, the number of profitable ethereum addresses has increased.

A similar situation is observed in the bitcoin network, as evidenced by data from IntoTheBlock.

In early February, the share of profitable ETH addresses increased to 62%, while 36% of ether holders remain unprofitable.

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