Bitrabo Editorial
Recent trends show Ethereum making strides on the daily chart, bouncing back from last week’s decline. With a current increase of about 25% from its August lows, Ethereum could be on the path to reaching $2,600 and potentially soaring to $3,300 if buyers continue to dominate the market.
Majority of Ethereum Addresses See Profits
IntoTheBlock data indicates that a significant 66% of Ethereum addresses are currently in a profitable position. Despite the volatility in the past five months following the peak in March 2024, most holders are in the green, indicating a positive sentiment among investors.
This bullish scenario suggests that ETH holders are likely to maintain their positions rather than panic selling, as observed when a larger percentage of addresses are in a loss. Further data from IntoTheBlock reveals that the last time 66% of all ETH addresses were profitable was in October 2023.
ETH Accumulation Indicates Bullish Sentiment
Historically, during October 2023, Ethereum saw a strong bounce and subsequent rally to $4,100 by March 2024. While past performance does not guarantee future results, recent market activities, alongside ETH’s recovery, are boosting optimism among buyers.
Based on CryptoQuant data, Ethereum addresses holding varying amounts of ETH have been actively accumulating, with a total addition of 757,000 ETH among select entities. This accumulation trend indicates positive confidence in the future price movements, which is favorable for bullish momentum.
Looking ahead, Ethereum may face resistance around $2,700, which marks the August 5 highs. To sustain the upward trend, a decisive breakthrough above this level with increased trading volume is essential. A successful breach could set the stage for ETH to target $3,500, a level reached in July 2024.