Ethereum Profit Streak Signals ATH Breakout For Over 90% Of Investors

Christian Encila

Last Updated: November 29, 2024 3:30 pm

3 mins read

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Ethereum (ETH) is once again in the news, but this time it’s good news for buyers. Recent data shows that over 90% of Ethereum users are now making money because the price of the cryptocurrency has risen to impressive levels. According to IntoTheBlock, this upward trend is the best time in five months for people who own ETH to make profits.

Inspired by Bitcoin’s comeback above $96,000, the token jumped to $3,680, its biggest level since June. While Bitcoin cleared the path, Ethereum’s momentum is clearly seen since it broke barriers with ease. Though trading 25% below its all-time high (ATH) of $4,890, Ethereum’s fundamentals and market vibe point to a bright future ahead.

90.8% of $ETH holders are now in profit, the highest since June.

Interestingly, the 9.2% of holders still at a loss hold just 2.8% of the total supply. This suggests that potential sell pressure from this group may have a limited impact as $ETH continues to trend upward. pic.twitter.com/qG4Xgi0Cq3

— IntoTheBlock (@intotheblock) November 28, 2024

Whale Confidence And Long-Term Holding

More positive news comes from closer examination of the investment patterns of Ethereum. Only 9.2% of ETH holders are currently losing money, and they hold only 2.8% of the entire token count. This means that the market is unlikely to be much affected by any selling pressure these investors create.

On top of that, Ethereum’s long-term holder base is also strong. The number of ETH holders holding more than one year has risen to approximately 74%, which signifies confidence in the token’s long-term value. Considering that only 23% of ETH were purchased last year and only 3% last month, most of the investors seem to be holding out for the long run.

Ethereum market cap currently at $431 billion. Chart: TradingView.com

Decreasing Supply, Bullish Momentum

Another reason giving a bullish outlook to Ethereum is the declining supply on centralized exchanges. According to analysts, it has continued to decline since last year, reducing ETH on centralized reserves. The more demand there is that outpaces the supply during a bull run, the higher the prices go.

Ethereum’s recent surge has also been aided by huge inflows into spot ETFs, which have over $90 million. These institutional investments demonstrate rising trust in Ethereum’s future.

Spot Ether ETF inflows starting on Nov. 11. Source: Farside Investors

Ethereum: Path To ATH Appears Clear

ETH is already outperforming the larger crypto market, with a weekly gain of 12%. Its ETH/BTC ratio has risen by 18%, indicating strength relative to Bitcoin. Analysts feel that if Ethereum can retest and surpass the $4,000 resistance, the path to its all-time high would become more convincing.

With 5.92% increased values over the previous day, its price has decreased slightly to $3,610, as of writing. From the indications and market’s sentiment, Ethereum has a tendency to rewrite the previous high to further break ground.

Featured image from DALL-E, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.