Ethereum’s market performance has been notably unstable as bulls struggle to gain traction and push the coin above immediate resistance levels set around $2,400 and $2,800. Despite this, a significant portion of ETH holders remain optimistic, holding out hope for a price surge that could potentially break past July highs of approximately $3,500.
Remarkably, data from IntoTheBlock underscores a resilient landscape with 61% of all ETH holders currently in profit. This statistic is particularly striking given that the coin has lost nearly 35% of its value from its July peaks and almost 45% from the highs of 2024. The data suggests a wave of optimism sweeping through the Ethereum ecosystem, with a higher percentage of holders in profit compared to typical bear market cycles where profitability sharply declines.
For additional context, historical data from IntoTheBlock reveals that during the 2019/2020 period, when Ethereum prices dropped significantly, the percentage of profitable holders at one point fell to as low as 10%. In the last bearish phase, this percentage was slightly higher at 46%, yet still markedly above the mere 3% during the depths of the 2018 bear market.
The current state of profitability among Ethereum holders signifies a maturing market and sustained confidence in the cryptocurrency’s future. According to Dune Analytics, there are 128,804,395 ETH in circulation. Notably, the top 1,000 addresses control over 49.1 million ETH, or 38.15% of the total supply. Many of these major holders, or “whales,” are reportedly in profit, which diminishes their incentive to sell and subsequently stabilizes the market.
Further analysis of on-chain data identifies a critical support range for ETH between $2,290 and $2,360. Within this range, approximately 1.9 million addresses have purchased and currently hold around 52.3 million ETH. This indicates that a significant amount of ETH was acquired at these levels, marking it as a crucial support zone. Should this support fail, analysts predict that Ethereum could experience sharp declines, potentially falling below $1,800 in a continued bearish trajectory.
