Ethereum Wallets Overflow: Over 90% Addresses In Profit, Ether To Retest ATH
09 März 2024 - 10:53AM
NEWSBTC
Cryptocurrency enthusiasts are celebrating a bullish weekend for
Ethereum (ETH), the world’s second-largest cryptocurrency by market
capitalization. With a price surge of 4.31% in the last day, ETH is
inching closer to a critical resistance point: $4,000. This climb
comes amidst a wave of optimism surrounding the Ethereum network,
fueled by a confluence of factors. Related Reading: Bitcoin Bulls
On Alert: Top Analyst Anticipates A Big Spike In The Cards Ethereum
Whale Activity, On-Chain Buying Signal Potential Rally Market
analysts are attributing the recent surge to a significant rise in
Ethereum accumulation. According to data from blockchain tracking
company Spot On Chain, wallets linked to PulseChain and PulseX have
been aggressively buying ETH, accumulating a staggering 163,295 ETH
in just four days. This substantial buying pressure, totaling
nearly $621 million DAI, suggests a strong foundation for a
potential price increase. Furthermore, more than $10 billion whale
trade volume recorded overnight indicates a shift in sentiment
among major investors. This hefty trade volume is seen as a bullish
signal, suggesting that whales are accumulating ETH in anticipation
of a price upswing. Ethereum Investors Buoyed By Profitability,
Approaching ATH Adding fuel to the fire, over 94% of ETH addresses
are currently in profit. This translates to a significant number of
investors holding onto their ETH, creating low selling pressure and
potentially paving the way for a price increase. Data from
IntoTheBlock (ITB), a cryptocurrency analytics platform, indicates
that at this point, ETH is at its best level in nearly a year, but
it is clearly trailing the upward trend that Bitcoin experienced
once its spot Exchange-Traded Fund obtained approval. Source:
IntoTheBlock Moreover, the excitement surrounding Ethereum is
palpable as the price approaches its all-time high (ATH) of $4,890.
With minimal resistance anticipated, a retest of the ATH seems like
a realistic possibility in the near future. This prospect is
further amplified by the dwindling number of addresses holding ETH
at a break-even point or at a loss. Dencum Upgrade And ETF
Speculation Stoke Investor Confidence Beyond the immediate price
action, the Ethereum community is buzzing with anticipation about
the upcoming Dencum upgrade. This highly anticipated upgrade is
designed to address scalability issues, reduce transaction fees on
layer networks, and decongest the Ethereum network. A successful
Dencum upgrade is expected to significantly improve the overall
user experience and potentially attract new investors, bolstering
confidence in the long-term viability of the Ethereum network.
Total crypto market cap is currently at $2.5 trillion. Chart:
TradingView Adding another layer of optimism is the ongoing
speculation surrounding a potential Ethereum ETF. While regulatory
approval from the SEC is still pending, the very possibility of an
ETF has buoyed investor sentiment. An ETF would allow traditional
investors to gain exposure to Ethereum without the complexities of
directly owning and managing cryptocurrency, potentially leading to
a wider investor base and increased demand for ETH. A Look Ahead:
Ether Trajectory Hinges On Multiple Factors While the outlook for
Ethereum appears bright, there are still factors to consider. The
price of ETH remains roughly $1,000 shy of its ATH, and the success
of the Dencum upgrade and the approval of an Ethereum ETF are not
guaranteed. As with any investment, conducting thorough research
and maintaining a cautious approach is crucial. Related Reading:
Don’t Miss Out: XRP Bull Flag Signals Explosive Price Movement
However, the confluence of rising on-chain activity, whale
accumulation, and a profitable investor base paints a promising
picture for Ethereum. With the Dencum upgrade on the horizon and
the possibility of an ETF, Ethereum appears poised for a potential
price rally in the coming months. Featured image from Pexels, chart
from TradingView
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