Recent data from on-chain analytics platform, IntoTheBlock, has revealed Promising ideas for Ethereum (ETH) investors. With the current price hovering around $3,944, the data indicated that there are no notable barriers preventing Ethereum from reaching an all-time high (ATH).
Recent data from on-chain analytics platform, IntoTheBlock, has revealed Promising ideas for Ethereum (ETH) investors. With the current price hovering around $3,944, the data indicated that there are no notable barriers preventing Ethereum from reaching an all-time high (ATH).
Ethereum Address Profitability
IntoTheBlock statistics show that 94.3% of Ethereum addresses are profitable. Of Ethereum’s 111.04 million addresses, 104.71 million are “In The Money,” the highest number in over a year. This data reflects very favorable sentiment for Ethereum, with most investors seeing increases in their holdings.
While most Ethereum addresses are making profits, about 5.7% of addresses are breaking even. These addresses, totaling 6.33 million, contain Ethereum purchased at prices ranging from $3,903.45 to $4,811.59.
However, with Ethereum’s current price at $3,944 and showing a 4.4% increase in the last 24 hours, these addresses are not immediately under pressure to sell. This limited selling pressure has now contributed to Ethereum’s favorable position for a sustained rally.
Additionally, the recent transfer of $102.18 million worth of Ethereum by whales to Binance has renewed investor confidence. This influx of funds indicates growing institutional interest in Ethereum. These developments, combined with positive market sentiment, suggest that Ethereum is on track for price appreciation.
Factors Driving Ethereum’s Bullish Outlook
Looking ahead, expectations are rising ahead of the long-awaited Dencun update scheduled for March 13. This update will introduce proto-danksharding, with the goal of making layer 2 transactions as affordable as possible for users.
Widely seen as a crucial step forward for the Ethereum network, the implementation of this upgrade addresses long-standing concerns and lays the foundation for future growth, further supporting Ethereum’s bullish outlook.
Additionally, there is speculation about the possible approval of an Ethereum spot exchange-traded fund (ETF). Like the recently approved Bitcoin ETFs, the approval of such an ETF could attract a new wave of institutional investments, driving up the price of Ethereum even further.
