Ethereum's value has decreased by 18% in the past month, causing concern among investors. This decline has led to a significant drop in the percentage of ETH's supply held at a profit, reaching its lowest level since October.

With continuous selling pressure, ETH holders are facing the possibility of experiencing further short-term losses on their investments.

The recent sharp decline in ETH's price below the critical support level of $3,000 has raised alarms in the crypto community. Currently trading at $2,640 amidst strong bearish pressure, Ethereum users are counting their losses.

Glassnode reports that only 64.19% of Ethereum's total circulating supply is currently in profit, representing a substantial decrease compared to earlier in the year when 83% of the circulating supply was profitable.

The lowering percentage of ETH's circulating supply in profit signals a shift in investor sentiment, potentially exposing the asset to downside risks.

In addition to the drop in profitability, ETH's open interest has also decreased by 31% since the beginning of February, falling to $22 billion. This decline suggests a decrease in market activity and investor confidence.

Looking ahead, if the current market trend continues, ETH's price could potentially drop further to $2,224. However, a reversal in the trend could propel the price upwards to $2,811, showing the unpredictability of the cryptocurrency market.