Ethereum Eyeing $2,500 Price Amid 75% of Holders Being in Profit

After breaching the psychological price of $2,000, Ethereum (ETH) seems to be going full throttle for the $2,500 price level.

ETH had been trying to hit the $2,000 price for a couple of months in vain, but the second largest cryptocurrency based on market cap saw light at the end of the tunnel recently.

According to IntoTheBlock’s “In/Out of the Money” parameter, Ethereum does not face any significant resistance until the $2,500 area, with 75% of ETH holders already smiling to the bank.

The leading on-chain metrics provider disclosed that even though profit-taking is expected at these levels, which could trigger pullbacks, this is currently unlikely because Ethereum is looking at the long-term picture.

Therefore, based on IntoTheBlock’s data, stakes are high that ETH will soar to the $2,500 zone based on the positive outlook being showcased.

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Notably, the number of Ethereum addresses in profit sits at 77.72 million, whereas those in losses are 21.91, according to IntoTheBlock’s statistics.

An Interesting Tale is Happening Despite Ethereum Hitting $2,000

Ali Martinez, a leading market analyst, recently took to X, formerly Twitter, to highlight that despite Ethereum reclaiming the $2,000 threshold, whales were not in the mix because they had not even started buying.

Therefore, this paints a bullish picture on the Ethereum network because if whales buy, the ETH price is destined for greater heights.

The $2,000 price level illustrates that Ethereum is enjoying a 4-month high because the second largest crypto was in this trajectory in July this year.

ZyCrypto recently stipulated that ETH was currently in the $2,000 zone thanks to the world’s largest asset manager, BlackRock, filing for an iShares Ethereum Trust in Delaware, which is similar to the popular spot Bitcoin exchange-traded fund (ETF).

Furthermore, a holding culture was showcased in the Ethereum ecosystem, given that ETH supply on exchanges recently hit historic lows.

ETH was up by 12% to hit $2,079 at press time, according to CoinGecko. Therefore, time will tell whether Ethereum will scale to the new high of $2,500.

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• Source: https://zycrypto.com/ethereum-eyeing-2500-price-amid-75-of-holders-being-in-profit/