2024-9-17 01:30 |
Ethereum is wavy when writing as bulls struggle to build momentum and push the coin above the immediate resistance levels at around $2,400 and $2,800. Even so, most ETH holders are upbeat, expecting prices to turn around the corner and soar, even breaking above July highs of around $3,500.
61% Of ETH Holders In The MoneyAmid this development and the general lull, IntoTheBlock data shows that 61% of all ETH holders are in the money. That over 50% of all ETH holders are in green despite the coin shedding nearly 35% from July highs and nearly 45% from 2024 highs points to resilience, especially in the face of determined bears.
Technically, the resilience among ETH holders indicates a wave of optimism sweeping through its ecosystem. According to IntoTheBlock, this development means that at current levels, more ETH holders are making money, way higher than in bear market cycles. Then, profitability tends to fall drastically.
For context, IntoTheBlock analysts note that during the 2019/2020 period, when prices fell, the percentage of profitable holders at one point dropped to as low as 10%.
Additionally, in the last bear run, the percentage of ETH holders making money fell to 46%. However, this was way higher than the 3% when ETH prices dumped to as low as 3% in the depth of the 2018 bear run.
Ethereum Holders Confident, Support Lies At $2,290 And $2,360ETH’s profitability percentage has evolved over the years, pointing to 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. Out of this, the top 1,000 addresses control 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. Accordingly, they won’t be incentivized to sell, 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.
Millions of ETH were bought at this level, meaning it is a critical loading zone. If broken, the analyst predicts sharp losses that will drop the coin below August lows to $1,800 in a bear trend continuation formation.
Feature image from DALLE, chart from TradingView
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