After reaching a 52-week high of $3,958, Ethereum (ETH) addresses in profit have now surpassed 94.3%, indicating a strong possibility of retesting its previous all-time high (ATH) of $4,891.70.
According to data from crypto analytics platform IntoTheBlock (ITB), there are currently a total of 104.71 million Ethereum addresses in profit. This is the highest number recorded in over a year, as Ethereum follows in the bullish footsteps of Bitcoin, which saw a surge in its spot Exchange-Traded Fund (ETF) products.
On the Ethereum network, all addresses are currently either “In The Money” or “At the Money,” according to IntoTheBlock. Approximately 6.33 million addresses, representing 5.7% of all addresses, are at the break-even point. The break-even price for these addresses ranges from $3,903.45 to $4,811.59. With Ethereum’s current price at $3,949.90, and a 4.31% increase in the past 24 hours, the 2.83 million ETH held by these addresses are not at immediate risk of being sold off.
The limited selling pressure on Ethereum indicates a favorable environment for a continuous rally. The $10.4 billion volume recorded by whales overnight further supports the positive sentiment and strengthens the possibility of Ethereum retesting its all-time high.
Ethereum’s potential for growth is bolstered by its strong fundamentals, which are nearly double that of Bitcoin. The upcoming Dencun Upgrade, scheduled for March 13, is expected to make Ethereum more affordable and scalable, thereby increasing its usability and demand. Additionally, there is ongoing consideration for a spot ETF product for ETH, and the odds of approval by the US SEC have remained consistently above 50%, with the May deadline for VanEck’s application being a significant determining factor.
While these events will shape Ethereum’s future growth, its correlation with Bitcoin is expected to help solidify its resistance in the short term.
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