Over 90% of ETH Holders are in Profit, Analysts Predict a Significant Price Surge

Highlights:

• Data shows that over 90% of ETH holders are in profit, indicating low sell pressure.
• Ether has surpassed Bitcoin in open interest, signaling potential market strength.
• Ethereum whales are making significant moves, including large transfers and acquisitions of ETH.

New data from market analytics firm IntoTheBlock reveals that over 90.8% of Ethereum (ETH) holders are currently in profit, marking the highest level of profitability for ETH investors since June. Interestingly, only 9.2% of holders are in the red, holding just 2.8% of the total supply. This suggests the second-largest digital asset by market cap is unlikely to experience significant sell pressure from holders at a loss.

90.8% of $ETH holders are now in profit, the highest since June.

Interestingly, the 9.2% of holders still at a loss hold just 2.8% of the total supply. This suggests that potential sell pressure from this group may have a limited impact as $ETH continues to trend upward. pic.twitter.com/qG4Xgi0Cq3

— IntoTheBlock (@intotheblock) November 28, 2024

Ether last hit the $4,000 mark on March 12, when Bitcoin reached a previous high of $73,679, according to CoinMarketCap. Since then, Ether has remained in a narrow trading range. It has traded between $2,223 and $4,066. This has continued even after the spot Ether ETFs launched on July 23. Traders had hoped the launch would spark price surges, similar to Bitcoin’s rise after the January spot Bitcoin ETF launch. The top altcoin is currently priced at $3,574, showing a slight decrease over the past 24 hours.

Ether has surpassed Bitcoin in open interest, with over $8.9 billion in open contracts, compared to Bitcoin’s $6.7 billion. According to a Nov. 28 report by Block Scholes and Bybit Analytics, the current decline in Bitcoin open interest is due to “considered repositioning” rather than mass liquidations.

Analysts are Optimistic About Price Surge

Many traders remain optimistic that Ether will reach its yearly high levels again. In a Nov. 28 market report, CryptoQuant contributor ShayanBTC highlighted a “significant uptick” in Ether funding rates recently. However, they noted that the current funding rates are still below those seen when Ethereum hit its all-time high of $4,900, suggesting Ether isn’t yet in an “overheated state.”

On Nov. 28, pseudonymous trader Ash Crypto told their 1.3 million X followers that Ether is “very close” to hitting $4,000. Pseudonymous trader Borovik expressed in a Nov. 23 post that a $15,000 price for Ether would prompt them to get their first tattoo — the Ether logo.

ETH WILL EXPLODE TO $4,000

ALTS WILL PUMP 2X IN A DAY

WE ARE VERY CLOSE !!

— Ash Crypto (@Ashcryptoreal) November 28, 2024

Crypto analyst Lark Davis has been highlighting the $15,000 price target for Ether to his 1.2 million X followers since July.

Bitcoin is going to $150,000.

Ethereum is going to $15,000.

Solana is going to $1,000.

Here's why:…

— Lark Davis (@TheCryptoLark) July 4, 2024

If institutional demand for Ether rises, particularly through spot ETH ETFs, Ethereum’s price could soon reach $4K. A surge to $4K would trigger the liquidation of over $1 billion in short trades.

Ethereum Whales Make Major Moves, Signaling Potential Growth

Ethereum whales are making major moves, with over 34.5 million ETH staked by 100k validators, signaling potential growth. Ether’s supply on centralized exchanges has increased, with a net inflow of about 500k in the past 30 days.

Two prominent Ether whales have mirrored the Ethereum Foundation’s recent asset liquidations. On Thursday, Ethereum co-founder Jeffrey Wilcke transferred 20,000 ETH (approximately $72.5 million) to Kraken. Earlier today, Winslow Strong, director of the Qualia Research Institute, moved 9,380 ETH (around $33.7 million) to Coinbase Global Inc. Another whale has spent $64 million to acquire nearly 20,000 ETH over the past 12 days.