Originally published on: November 29, 2024
The recent surge in Ether’s price has left over 90% of investors in profit, but concerns are mounting over whether the cryptocurrency can break the $4,000 barrier. Traders are increasing their short positions, with potential liquidations of up to $1.43 billion looming if ETH reaches $4,000.
According to CoinGlass data, a recent report from IntoTheBlocks revealed that a staggering 90.8% of ETH holders are currently in profit, the highest percentage since June. Interestingly, the remaining 9.2% of holders at a loss account for only 2.8% of the total supply, suggesting that their sell pressure may have minimal impact.
Despite the bullish sentiment among investors, Ether has struggled to surpass the $4,000 mark since March. Traders are closely watching to see if the cryptocurrency can regain its momentum, especially after the launch of spot Ether ETFs on July 23. While some remain optimistic that Ether will reach new highs, others are more cautious.
In a recent market report, CryptoQuant contributor ShayanBTC highlighted an uptick in Ether funding rates, indicating growing interest in the cryptocurrency. However, funding rates are still below the levels seen during Ether’s previous all-time high, suggesting that it may not be overheated yet.
Popular crypto analysts and traders have varying opinions on Ether’s future price trajectory. Some believe it is on track to surpass $4,000 soon, while others are setting ambitious targets like $15,000. As the market continues to evolve, only time will tell if Ether can deliver on these expectations.
Remember, this article does not offer investment advice or recommendations. It’s essential to do your own research and seek professional guidance before making any financial decisions. Stay informed and explore new opportunities to navigate the ever-changing crypto landscape.
