More than 90% of Ethereum (ETH) holders are now in the black as the second-largest cryptocurrency by market cap gained 7.7% over the past seven days. However, traders remain skeptical about ETH’s ability to break above the key $4,000 level as short positions increase.

The number of short positions against $4,000 is increasing

Data from CoinGlass shows that as much as $1.43 billion in short positions could be liquidated if Ether hits $4,000. Data from IntoTheBlock reveals that “90.8% of ETH holders are currently in the profit, the highest level since June.”

Interestingly, only 9.2% of the remaining holders are in the red, and this group only holds 2.8% of the total supply, suggesting that selling pressure from this group may be negligible.

The last time Ether surpassed $4,000 was on March 12, when Bitcoin hit its previous high of $73,679.

Since then, Ether has traded in a tight range between $2,223 and $4,066, even after the launch of the Ether spot ETF on July 23. Ether traders had expected the launch to produce a similar price effect to Bitcoin after the launch of Bitcoin spot ETFs in January.

Funding rate shows Ether's bullish potential

Many traders are optimistic that Ether is still on track to return to its yearly high. In a November 28 market report, CryptoQuant analyst ShayanBTC pointed out that Ether’s funding rate has increased significantly in recent weeks.

Funding rate Ethereum | Nguồn: CryptoQuant

However, the funding rate is still lower than when Ethereum hit its all-time high of $4,900, suggesting that Ether has not yet entered an overheated state.

At the time of writing, Ether’s funding rate on the Binance cryptocurrency exchange was 0.0162%. Anonymous trader Ash Crypto said Ether was close to $4,000, in a post to his 1.3 million followers on X on November 28.

Anonymous crypto trader Borovik was even more optimistic, claiming in a November 23 X post that “If Ethereum hits $15,000 this cycle, I’ll get my first tattoo. ETH logo.”

Crypto analyst Lark Davis has been highlighting a $15,000 price target for Ether with 1.2 million followers on X since July.


Source: https://tapchibitcoin.io/hon-90-nguoi-so-hou-eth-co-lai-moc-cao-nhat-ke-tu-thang-june.html