Originally published on: November 29, 2024
The latest data reveals that over 90% of Ether holders are now enjoying profits as the cryptocurrency’s price surged 5.7% in the past week. However, doubts loom regarding whether ETH can break the crucial $4,000 barrier, with short bets piling up.
According to CoinGlass data, approximately $1.43 billion in short positions could face liquidation if Ether reaches $4,000, adding to the apprehension among traders.
A recent report from IntoTheBlock highlighted that “90.8% of ETH holders are currently in profit, the highest since June.” Interestingly, only 9.2% of holders are still at a loss, holding just 2.8% of the total supply, indicating limited sell pressure from this group.
While Ether last crossed the $4,000 mark on March 12, it is currently trading at $3,582, despite anticipation from traders that the recent launch of spot Ether ETFs could trigger a price rally similar to Bitcoin’s response to spot Bitcoin ETFs.
Despite the stagnant price range, analysts remain bullish on Ether’s potential to revisit its yearly highs. CryptoQuant contributor ShayanBTC noted a significant uptick in Ether funding rates, hinting at room for further growth without entering an overheated state.
Pseudonymous traders on social media platforms have expressed optimism about Ether’s prospects, with some predicting a potential surge to $15,000. Crypto analyst Lark Davis has also been advocating for a $15,000 price target for Ether since July.
While uncertainties persist around Ether’s breakout beyond $4,000, the majority of holders are in profit, setting the stage for potential price surges in the future. Remember, investing in cryptocurrencies involves risks, and it is advisable to conduct thorough research before making any decisions.