Recent data shows that an overwhelming majority of Ethereum (ETH) holders are now in profit amid the ongoing major rebound in the price of the ETH token.
Ethereum News Now: Analysis platform IntoTheBlock disclosed on X today that up to 90.8% of ETH investors are seeing profit on their investments. This level of profitability has not been seen in the last five months. The latest bullish metric emerged as Ethereum’s price rebounded to $3,687 today.
ETH last traded at this level in June. Notably, Ethereum reestablished this price range as Bitcoin rallied back to $97,500 after a brief dip to $90,500 earlier this week. While Ethereum initially lagged behind Bitcoin’s uptrend, it is now capitalizing on its momentum to break higher resistance levels.
Despite Ethereum trading 26% below its all-time high of $4,890, only 9.2% of investors are holding the asset at a loss. Interestingly, these holders control just 2.8% of Ethereum’s total supply.
Ethereum Faces No Significant Bearish Pressure Ahead
According to IntoTheBlock, the current statistics suggest that any selling pressure from this group will likely have a limited impact as ETH continues its uptrend.
Moreover, IntoTheBlock data shows that most Ethereum holders are long-term investors, with 74% holding ETH for over a year. Only 23% bought ETH within the last 12 months, and 3% entered the market in the past month.
Essentially, Ethereum is now at a level where it faces minimal resistance and selling pressure, which makes the path open for it to rally toward its all-time high. This situation is further reinforced by data showing that the available reserves of ETH on centralized exchanges have continued to diminish since last year.
Ethereum Targets as Bulls Continue to Dominate
Analysts such as Ali Martinez have become more confident in their bullish outlook for Ethereum. With Ethereum trading at a five-month high, Martinez has reiterated that the most immediate target for Ethereum is a rally to $6,000.
Notably, Ethereum needs to rise by just 66% to reach this all-time high value. Martinez has even set his target at a much higher level for ETH, proposing a more significant 178% surge to $10,000 on a longer-term scale.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
