- Over 90% of Ethereum addresses are now profitable, signaling a strong bullish trend and reduced sell pressure.
- Bitwise Asset Management’s filing for a Bitcoin-Ethereum spot ETF highlights increasing institutional interest in the crypto market.
- Analysts predict significant price appreciation for ETH, driven by factors like increased adoption and ecosystem advancements
Good news for Ethereum enthusiasts! Data from IntoTheBlock showed that a significant majority of ETH addresses are currently profitable, with 90.8% of addresses now in the green—the highest percentage since June. This trend highlights the growing momentum in the cryptocurrency market, fueled by the altcoin’s consistent upward trend.
At the moment, only the remaining 9.2% of $ETH holders are at a loss collectively holding a mere 2.8% of the total supply. This limited exposure significantly mitigates potential sell pressure from this group, which could otherwise dampen the token’s price rally.
The broader crypto market buzzed with excitement after Bitwise Asset Management filed the relevant S-1 documents of its new Bitcoin-Ethereum Spot ETF with the Securities and Exchange Commission (SEC). Bitcoin and Ether together constitute over 70% of the global crypto market capitalization, as investors are eager to capitalize on these top-tier cryptocurrencies with a total market domination of over $2 trillion.
Ethereum Repeats History
Renowned crypto analyst Ali Martinez predicts a bullish trajectory for ETH, setting a mid-term price target of $6,000 and a long-term target of $10,000. The current market sentiment echoes Ethereum’s past cycles, as it steadily builds momentum toward reaching unprecedented levels.
With Ethereum’s current price hovering near $3,618, analysts assigned its strength to increasing institutional adoption, advancements in ETH’s ecosystem, and improved market conditions. All these factors are boosting investor confidence as more addresses move into profit territory.
As the market sentiment remains optimistic, Ethereum’s ability to surpass key resistance levels could pave the way for its next major milestones. The spotlight remains firmly on ETH as it inches closer to historical highs, with both short-term traders and long-term investors watching for the next breakout.
