Ethereum (ETH) has reached a 52-week high of $3,958 and over 94.3% of ETH addresses are currently in profit, indicating limited resistance to retesting its previous all-time high (ATH) of $4,891.70. According to data from crypto analytics platform IntoTheBlock (ITB), there are a total of 104.71 million Ethereum addresses in profit, which is the highest recorded in over a year. While Bitcoin has been leading the bullish trend following the approval of its spot Exchange-Traded Fund (ETF) products, Ethereum has been trailing closely behind.
The data from IntoTheBlock reveals that all addresses on the Ethereum network are currently either “In The Money” or “At the Money.” Around 6.33 million addresses, accounting for 5.7% of all addresses, are at the break-even point. The breakeven price for these addresses ranges from $3,903.45 to $4,811.59. With the current price of Ethereum 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. This limited selling pressure on Ethereum sets the stage for a potential continuous rally. Furthermore, the $10.4 billion volume recorded by whales overnight indicates a renewed sentiment that supports ETH’s push to retest its all-time high.
Ethereum has more fundamental factors compared to Bitcoin, which further strengthens its potential for continued bullish movement. The upcoming Dencun Upgrade, scheduled for March 13, will make Ethereum more affordable and scalable, ultimately increasing its usability and demand. Additionally, ETH is also being considered for a spot ETF product, although opinions among market experts are divided on the likelihood of approval by the US Securities and Exchange Commission (SEC). However, the odds have consistently remained above 50%, with the May deadline for VanEck’s application being a key determining factor.
While these upcoming events will shape Ethereum’s future growth, its correlation with Bitcoin is expected to provide support and resistance in the short term. Please note that this content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic will not be held responsible for any financial losses incurred.