Are ETH Bulls Ready For A 100% Surge?
Ethereum is rising on the daily chart. Last week's drop and comeback lifted the second most valued coin 25% from August lows. Buyers might underpin another rise above $3,300 in a buy trend continuation pattern if they clear and close over $2,600 today.
66% Of Ethereum Addresses Earn.
This price action is likely to succeed. IntoTheBlock data shows Ethereum is in a fascinating period and has overcome early week weakness.
IntoTheBlock reports 66% of Ethereum addresses are green at spot pricing. Many investors benefit from the preceding five months' volatility and ups and downs after prices peaked in March 2024.
Large proportion of holders in profit is optimistic and may imply more ETH holders will stick on and witness market activity in the coming days.
When more addresses are losing money, they may panic and leave to safeguard their bottom line.
Now that prices are increasing, organizations that cash out may lose out on even higher returns, if history is any indication. IntoTheBlock data shows that 66% of ETH addresses last profited in October 2023.
ETH Holders Rising, Will Bulls Take Over?
According to historical price activity, ETH recovered higher in October 2023 and rallied aggressively to $4,100 in March 2024. This strong historical performance doesn't guarantee a repeat, but the recent rebound and other market variables may encourage purchasers.
Late last week, CryptoQuant data revealed that addresses with 10–10,000 ETH and 10,000–100,000 ETH were purchasing. These groups added 757,000 ETH, boosting sentiment.
These businesses filling up implies optimism about the future, which is good for bulls. At $2,700, or August 5 highs, Ethereum faces headwinds on August 12.
To extend the uptrend, a strong close above this level with growing volume is needed. In a buy trend continuation pattern, ETH may rise to $3,500 in July 2024 from this expansion.
