Ethereum is on the rise! After a dip and recovery last week, the second-largest cryptocurrency is up nearly 25% from its August lows.
Ethereum’s Bullish Outlook
If buyers keep pushing, and Ethereum closes above $2,600, it could signal a continuation of the upward trend, potentially pushing the price towards $3,300.
Most Ethereum Holders Are in the Green
Data shows that a whopping 66% of Ethereum addresses are currently in profit. This is a strong indicator that many holders are holding onto their ETH, despite the volatility of the past few months.
Why is this bullish? When a large number of holders are in the red, they might panic and sell, driving the price down. But with most holders in profit, they are more likely to hold onto their ETH, potentially fueling further price increases.
History Repeating Itself?
The last time 66% of Ethereum addresses were in profit was back in October 2023. After that, ETH rallied significantly, reaching a peak of $4,100 in March 2024. While past performance isn’t a guarantee of future results, this historical data adds to the bullish sentiment.
Big Players Are Loading Up
Data also shows that large investors are accumulating Ethereum. This suggests they are confident in the future of the cryptocurrency, further boosting the bullish outlook.
What’s Next for Ethereum?
For Ethereum to continue its upward trend, it needs to break through the $2,700 resistance level with strong volume. If it does, it could potentially reach the July 2024 high of $3,500.
Overall, the signs are pointing towards a strong potential for Ethereum to continue its upward trajectory. The question is, will it reach a 100% surge from its recent lows? Only time will tell!
