Ethereum continues to face a wavering market as bulls struggle to gain momentum and push the coin above key resistance levels at around $2,400 and $2,800. Despite this challenge, the majority of ETH holders remain optimistic, anticipating a turnaround in prices and a potential surge that could see ETH surpass July highs of around $3,500.
Recent data from IntoTheBlock reveals that an impressive 61% of all ETH holders are currently in a profitable position. This statistic is particularly significant considering the recent price fluctuations that have seen ETH drop by nearly 35% from its July peak and almost 45% from its 2024 highs. The fact that a majority of ETH holders are still in profit showcases a remarkable level of resilience within the Ethereum ecosystem, even amidst bearish market conditions.
The data also indicates a wave of optimism sweeping through the ETH community, with more holders currently making money compared to previous bear market cycles. During the 2019/2020 period, the percentage of profitable ETH holders plummeted to as low as 10%, highlighting a stark contrast to the current scenario where profitability remains high.
Furthermore, analysis from IntoTheBlock suggests that in previous bear runs, the percentage of profitable ETH holders dropped to 46%, indicating a higher level of confidence among holders in the current market. This trend signifies a maturing market where investors remain confident about the future potential of Ethereum.
On-chain data from Dune highlights the presence of critical support levels for ETH, particularly between $2,290 and $2,360. Within this range, approximately 1.9 million addresses currently hold around 52.3 million ETH, suggesting a significant accumulation zone. A break below this support level could lead to sharp losses, potentially driving ETH below August lows to $1,800 in a continuation of a bearish trend.
Overall, the resilience and confidence displayed by ETH holders, coupled with the strategic support levels identified in the on-chain data, paint a picture of a market that is poised for potential growth and recovery. Despite the current challenges faced by Ethereum, the data indicates that investors remain optimistic about the future trajectory of the coin.