Ethereum At A Key Point: Are ETH Bulls Preparing For A 100% Surge?

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As a seasoned analyst with over two decades of market experience under my belt, I’ve seen my fair share of bull runs and bear markets. The current Ethereum rally, with its 25% surge from August lows, has piqued my interest. The fact that 66% of all Ethereum addresses are in profit is a strong indication of the market’s sentiment. This bullish trend, if continued, could potentially see ETH reaching $3,500, a level last seen in July 2024.

In simpler terms, Ethereum‘s value has increased significantly, evident in its daily chart. After experiencing a dip and recovery last week, Ethereum, the second most valuable digital coin, has risen approximately 25% since its lowest point in August. If buyers maintain control today and manage to push the price above $2,600 (as it is at present), this could establish a foundation for further growth towards $3,300, potentially signaling the continuation of an uptrend pattern.

66% Of All Ethereum Addresses Are In Profit

It’s quite probable that this price trend will materialize, as suggested by IntoTheBlock data. Intriguingly, Ethereum appears to be moving past the vulnerabilities it showed during the early part of the week.

As a crypto investor, I’m observing an interesting trend based on IntoTheBlock data: approximately two-thirds of Ethereum addresses are currently in profitable positions at current market prices. This is quite remarkable given the significant volatility we’ve experienced over the past five months, particularly after the price peaked back in March 2024. Despite the rollercoaster ride, many Ethereum holders have managed to profit from their investments.

Ethereum At A Key Point: Are ETH Bulls Preparing For A 100% Surge?

It’s encouraging to see that many Ethereum holders are currently making a profit, which could indicate that they plan to keep their ETH and watch how its value changes in the near future.

Generally speaking, when more addresses find themselves in a losing position and showing a higher percentage of red, they might feel compelled to sell quickly due to a survival instinct, aiming to secure their assets and prevent further losses.

Despite current price increases, selling now might mean missing out on potential larger returns, especially based on historical trends. Data from IntoTheBlock indicates that it was as recently as October 2023 when approximately two-thirds of all Ethereum addresses were enjoying profits.

ETH Holders Accumulating, Are Bulls Ready To Take Over?

By examining previous trends, Ethereum (ETH) is expected to increase significantly starting from around October 2023. This surge could potentially reach $4,100 by March 2024. It’s important to note that past performance doesn’t guarantee future results, but the recent recovery and other market indicators are encouraging for optimistic investors.

Last week, data from CryptoQuant revealed that addresses holding between 10 to 10,000 ETH and those with 10,000 to 100,000 ETH were actively purchasing Ethereum. Collectively, these groups added approximately 757,000 ETH to their holdings, a significant increase that suggests positive sentiment in the market.

Ethereum At A Key Point: Are ETH Bulls Preparing For A 100% Surge?

It appears that these entities are accumulating (buying more), which could indicate they’re hopeful about future prospects, a good sign for the bullish side. However, as of August 12, Ethereum seems to be encountering resistance around $2,700, or at its highest point on August 5.

Ethereum At A Key Point: Are ETH Bulls Preparing For A 100% Surge?

To sustain the upward movement, it’s crucial for the price to significantly exceed this current threshold, preferably with an increase in trading activity. This potential advance could establish a solid foundation for a surge that might propel Ether (ETH) towards a peak of $3,500 by July 2024, following a pattern indicative of a bullish trend continuation.

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2024-08-13 04:11