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Glassnode market analyst Prof Chaine indicated that the market for ether (ETH), Ethereum's native cryptocurrency, "is approaching a state of saturation that is difficult to maintain."
Currently, more than 90% of the ETH supply is in profit, explains Prof Chaine. This high proportion suggests that many investors might be motivated to sell their holdings to secure substantial profits.
Historically, when there is such a high percentage of supply in profit, there has been a trend of corrections in price. This is due to the fact that a strong selling scenario, outpacing the buying scenario, exerts downward pressure on the price.
According to Prof Chaine, something similar happened in August 2020, causing a correction and then an increase in prices, as the chart below shows. Therefore, if this scenario repeats itself, ETH could have downward pressure.