Ethereum Soars as Majority of Holders Profit: $2,500 Now in Sight

Most Ethereum addresses are in profit, signaling a potential surge to $2,500.
Despite a bullish sentiment, profit trends may cause pullbacks.
BlackRock’s application to list its iShares Ethereum Trust could pave the way for institutional access to Ethereum.

Data from the crypto analytics platform IntoTheBlock reveals that 75% of Ethereum (ETH) wallets are currently in profit, which amounts to approximately 77.72 million addresses. This significant milestone is generating optimism within the crypto community as it paves the way for a potential surge towards the coveted $2,500 mark.

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However, the bullish sentiment comes with a caveat. Historically, Ethereum traders tend to capitalize on profits when the majority are in the green. This pattern could lead to minor pullbacks in the short term. Nonetheless, IntoTheBlock analysts believe that these temporary setbacks are unlikely to deter Ethereum’s long-term prospects.

An intriguing perspective on Ethereum’s outlook comes from market analyst Ali Martinez. Despite Ethereum’s year-to-date growth of 73%, trailing behind Bitcoin’s 123%, Martinez underscores its high-performance status. The recent breach of the psychologically significant $2,000 level has not yet seen significant accumulation by whales, indicating that there might be room for further growth.

Furthermore, the Ethereum community is abuzz with the news that BlackRock, a prominent asset management firm, has applied to list its iShares Ethereum Trust. This application has been met with great anticipation and enthusiasm. If approved, it could open a regulated pathway for corporate and institutional investors to access Ethereum, further boosting its long-term potential.

The current price of ETH stands at $2,057.90, reflecting a slight 2.34% decrease in the last 24 hours, though it has still gained 12.15% over the past week. With the majority of holders in profit, Ethereum’s journey to $2,500 is looking increasingly promising.

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Bhea Lacsamana

Bhea is a fintech journalist specializing in crypto, with a unique blend of roles as a content creator, anthropologist, and qualitative researcher. Her articles dive into both financial technology and cultural traditions, reflecting her diverse interests. Catch her immersed in a book where her love for learning thrives.