Following its recent rally to a 52-week high of $3,958, Ethereum (ETH) addresses in profit have topped 94.3% with limited resistance to retest its previous ATH of $4,891.70.
Data from crypto analytics platform IntoTheBlock (ITB) puts the Ethereum addresses in profit at a total count of 104.71 million.
This is the highest Ethereum has recorded in more than a year with the crypto asset notably trailing the bullish path that was set by Bitcoin following the approval of its spot Exchange-Traded Fund (ETF) products.
Ethereum On-Chain Data Count
The IntoTheBlock data shows that overall, all addresses on Ethereum are either “In The Money” or “At the Money” at the moment.
The analytics platform outlined that approximately 6.33 million addresses representing 5.7% of all addresses on the platform are at the money or break-even point.
The data shows that this breakeven price ranges from $3,903.45 to $4,811.59. With the current price of Ethereum pegged at $3,949.90 atop a 4.31% jump in 24 hours, the 2.83 million ETH acquired by the 6.33 million addresses are not at immediate risk of selloffs.
The limited selling pressure on Ethereum places the price in a good spot for a continuous rally. The $10.4 billion volume recorded by whales overnight underscores the revived sentiment that might complements ETH’s bid to retest the all-time high.
Favorable Ethereum Growth Catalysts
Ethereum has almost twice as many fundamentals as Bitcoin, further placing much emphasis on its likelihood to keep trailing its bullish path.
The Dencun Upgrade is slated for next week, March 13, an update that will make Ethereum relatively cheaper and more scalable, thus enhancing its usability and ultimately demand. ETH is also on the queue for consideration of a spot ETF product.
With many market experts divided on what to expect from the US SEC, the odds of approval have remained consistently above 50% with the May deadline for VanEck’s application set to be a major defining date.
While these events will shape its future growth, its correlation with Bitcoin is poised to help solidify its resistance in the short term.
