Ethereum’s price movement has been quite wavering, with bulls struggling to gain the necessary momentum to push the coin above its immediate resistance levels of around $2,400 and $2,800. Despite these challenges, the majority of ETH holders remain optimistic, anticipating a price turnaround that could potentially see ETH breaking above July highs of approximately $3,500.
61% Of ETH Holders In The Money
Amid this market development and the general lull, data from IntoTheBlock reveals that 61% of all ETH holders are currently in profit. This statistic is significant, as it indicates that over half of all ETH holders are in the green, despite the coin experiencing a nearly 35% decline from its July highs and a 45% drop from its 2024 highs. This resilience is notable, especially considering the determined bearish sentiment prevailing in the market.
Technically, the resilience among ETH holders signals a wave of optimism sweeping through the Ethereum ecosystem. According to IntoTheBlock, this means that at current levels, more ETH holders are profitable, a stark contrast to bear market cycles where profitability tends to plummet drastically.
For context, IntoTheBlock analysts highlight that during the 2019/2020 period, when prices fell, the percentage of profitable holders at one point dropped to a mere 10%. Additionally, in the last bear market, the percentage of ETH holders making money fell to 46%, still significantly higher than the mere 3% profitability during the depths of the 2018 bear run.
Ethereum Holders Confident, Support Lies At $2,290 And $2,360
The evolution of ETH’s profitability percentage over the years points to a maturing market where holders remain confident about the future. According to Dune data, there are 128,804,395 ETH in circulation. Of this, the top 1,000 addresses control over 49.1 million ETH, or 38.15%. If the data from IntoTheBlock holds true, most of these whales are in profit, which means they are less likely to sell, thereby increasing pressure on ETH prices.
A closer look at on-chain data reveals that ETH has a critical support level between $2,290 and $2,360. In this zone, nearly 1.9 million addresses purchased and currently hold approximately 52.3 million ETH. This indicates that millions of ETH were bought at this level, making it a crucial loading zone. If this support level is breached, analysts predict sharp losses that could see ETH prices dropping below August lows to $1,800, continuing the bear trend.
In conclusion, while Ethereum is currently facing resistance, the underlying data suggests a resilient and optimistic holder base. The critical support levels and the large percentage of profitable holders indicate a potential for price recovery, provided the market conditions improve. As always, investors should stay informed and consider the broader market trends when making investment decisions.
