Ethereum’s Bullish Sentiment Remains Strong Despite Recent Price Drops
Ethereum’s (ETH) price has been struggling to break above its immediate resistance levels at around $2,400 and $2,800, causing some bulls to worry about the coin’s momentum. However, most ETH holders remain upbeat, expecting prices to turn around the corner and soar, potentially even breaking above July highs of around $3,500.
61% of ETH Holders in the Money
According to IntoTheBlock data, an astonishing 61% of all ETH holders are currently in the money. This means that over 50% of all ETH holders are profitable, despite the coin shedding nearly 35% from July highs and nearly 45% from 2024 highs. This resilience in the face of determined bears is a testament to the optimism sweeping through the Ethereum ecosystem.
Technically, this development suggests that at current levels, more ETH holders are making money than in bear market cycles. According to IntoTheBlock, profitability tends to fall drastically during bear market cycles, making this data even more impressive.
Ethereum Holders Confident, Support Lies at $2,290 and $2,360
ETH’s profitability percentage has evolved over the years, indicating a maturing market where holders are still confident about what lies ahead. According to Dune data, there are 128,804,395 ETH in the circulating supply, with the top 1,000 addresses controlling over 49.1 million or 38.15%. If IntoTheBlock data is anything to go by, most of these whales are in the green, making money and increasing pressure on ETH.
Looking closer at on-chain data, one analyst notes that ETH has a critical support at between $2,290 and $2,360. In this zone, nearly 1.9 million addresses were bought and currently hold approximately 52.3 million ETH. This is a significant loading zone, and breaking below it could lead to sharp losses and a bear trend continuation formation.
Conclusion
In conclusion, Ethereum’s bullish sentiment remains strong, despite recent price drops. The coin’s profitability percentage is significantly higher than in bear market cycles, indicating a maturing market where holders are confident about what lies ahead. The critical support at $2,290 and $2,360 is a key level to watch, and breaking below it could have significant consequences for the coin’s price.
FAQs
Q: What is the current profitability percentage of ETH holders?
A: According to IntoTheBlock data, 61% of all ETH holders are currently in the money.
Q: What is the significance of the support level at $2,290 and $2,360?
A: This zone is a critical loading point, with nearly 1.9 million addresses buying and holding approximately 52.3 million ETH. Breaking below this level could lead to sharp losses and a bear trend continuation formation.
Q: Are the top 1,000 ETH holders making money?
A: According to Dune data, the top 1,000 addresses control over 49.1 million or 38.15% of the circulating ETH supply. If IntoTheBlock data is anything to go by, most of these whales are in the green, making money and increasing pressure on ETH.
