Ethereum’s price movement remains inconsistent as bulls face challenges in gaining traction to push the coin past the nearby resistance levels of approximately $2,400 and $2,800. Nevertheless, a majority of ETH holders maintain a positive outlook, anticipating a price turnaround that could lead to surpassing July’s highs of around $3,500.
61% Of ETH Holders In Profit
In light of this situation and the overall stagnation, IntoTheBlock data indicates that 61% of all ETH holders are currently in profit. The fact that over half of ETH holders are experiencing gains, despite a nearly 35% decline from the July highs and approximately 45% from the 2024 peaks, highlights a notable resilience among investors, especially in the face of persistent bearish sentiment.
From a technical perspective, this resilience among ETH holders suggests a wave of optimism within its ecosystem. According to IntoTheBlock, this trend implies that at present levels, more ETH holders are profitable compared to bear market periods when profitability typically declines sharply.
For additional context, analysts from IntoTheBlock have observed that during the 2019/2020 price declines, the percentage of profitable holders fell to a low of 10% at one stage.
Furthermore, in the last bearish trend, the percentage of ETH holders in profit dropped to 46%. This figure, however, is still significantly higher than the mere 3% observed when ETH prices plunged to those lows during the 2018 bear market.
Ethereum Holders Optimistic, Support Found Between $2,290 And $2,360
Over the years, the profitability percentage for ETH has evolved, indicating a maturing market where holders remain confident about future prospects.
According to Dune data, there are 128,804,395 ETH in circulation. Among these, the top 1,000 addresses possess over 49.1 million ETH, which accounts for 38.15% of the total supply. If IntoTheBlock’s data is reliable, many of these whale addresses are also in profit, suggesting they have little incentive to sell, which could apply upward pressure on ETH.
Analyzing on-chain data, one analyst points out that ETH has significant support within the range of $2,290 to $2,360. In this area, approximately 1.9 million addresses have purchased and are currently holding around 52.3 million ETH.
The considerable amount of ETH acquired at this level indicates it serves as a crucial support zone. Should this support be breached, the analyst predicts sharp losses that could see the coin drop below August lows, potentially falling to $1,800 as part of an ongoing bearish trend.
Feature image from DALLE, chart from TradingView
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