After successfully surpassing the significant milestone of $2,000, Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, appears to be setting its sights on the $2,500 price level. Despite multiple attempts, the $2,000 barrier remained unbroken for several months, until a recent breakthrough.
Ethereum’s Promising Outlook
Based on IntoTheBlock’s ‘In/Out of the Money’ analysis, Ethereum doesn’t face any notable resistance until it reaches the $2,500 mark. Interestingly, about 75% of Ethereum holders are already reaping profits from their investment. This leading on-chain metrics provider revealed that although some profit-taking is expected at these levels, which could trigger a slight pullback, the long-term view for Ethereum remains bullish.
The Current State of Ethereum Holders
At present, the number of Ethereum addresses in profit stands at a whopping 77.72 million, while those at a loss are a mere 21.91 million, as per IntoTheBlock’s data. Despite Ethereum’s recent crossing of the $2,000 threshold, market analyst Ali Martinez noted that large-scale investors, or ‘whales’, have yet to start buying, suggesting that there is still plenty of room for growth.
Implications of Ethereum’s Price Surge
Ethereum’s recent ascension to the $2,000 level indicates a four-month high for the cryptocurrency, which was last seen at this price point in July. This surge has been partly attributed to BlackRock, the world’s largest asset manager, filing for an iShares Ethereum Trust in Delaware, similar to the widely recognized Bitcoin exchange-traded fund (ETF). Additionally, the Ethereum ecosystem has seen a trend towards holding, with ETH supply on exchanges hitting record lows.
With the Ethereum price currently hovering around $2,079, up by 12% according to CoinGecko, it will be interesting to see if Ethereum can reach the new high of $2,500. For those keen on tracking Ethereum’s progress, the cryptoview.io application provides an excellent resource for keeping up-to-date with the latest trends and movements in the cryptocurrency market.
