61% of Ethereum holders are profitable, but ETH bulls must hold $2290

ethereum is shaky as of writing as bulls struggle to build momentum and push the coin above the immediate resistance levels around $2,400 and $2,800. Still, most eth holders are optimistic and expect prices to turn around and surge higher, even surpassing July highs of around $3,500.

61% of eth holders are in the money

Amidst this development and general calm, data from IntoTheBlock x.com/intotheblock/status/1835606210004861414″ target=”_blank”>sample

The fact that 61% of all eth holders are in the money. The fact that over 50% of all eth holders are in the green despite the coin losing almost 35% from July highs and almost 45% from 2024 highs indicates resilience, especially in the face of determined bears.

Technically, the resilience of eth holders indicates a wave of optimism sweeping through their ecosystem. According to IntoTheBlock, this development means that at current levels, more eth holders are making money, much more than in bear market cycles. Afterwards, profitability tends to fall sharply.

<img class="size-full wp-image-642334" src="https://technicalterrence.com/wp-content/uploads/2024/09/61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg" alt="61% of eth holders are profitable | Source: @intotheblock via x” srcset=”https://technicalterrence.com/wp-content/uploads/2024/09/61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg?w=1711 1711w, https://technicalterrence.com/wp-content/uploads/2024/09/61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/09/61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/09/61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/09/61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/09/61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/09/61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg?w=1140 1140w” />

To put this into context, IntoTheBlock analysts point out that during the 2019/2020 period, when prices fell, the percentage of profitable holders at any given time dropped to 10%.

x/Trr0MMwK/”>x/Trr0MMwK/” alt=”ethereum price shows a downward trend on the daily chart | Source: ETHUSDT on Binance, TradingView” />

Furthermore, in the last bearish streak, the percentage of eth holders who made money fell to 46%. However, this percentage was much higher than the 3% when eth prices fell by as much as 3% at the depth of the 2018 bearish streak.

ethereum holders are confident, support is at $2290 and $2360

eth’s yield percentage has evolved over the years, indicating a maturing market where holders are still confident about what lies ahead.

According eth-whales-top-1000-eth-holders” target=”_blank”>Dune dataThere are 128,804,395 eth in circulation. Of these, the top 1,000 addresses control over 49.1 million or 38.15%. If we go by IntoTheBlock’s data, most of these whales are in the green and making money. Therefore, they will have no incentive to sell, which will increase the pressure on eth.

Taking a closer look at the on-chain data, one analyst x.com/ali_charts/status/1835425549164138979″ target=”_blank”>grades that eth has critical support between $2,290 and $2,360. Nearly 1.9 million addresses were purchased in this zone and currently hold approximately 52.3 million eth.

<img class="size-full wp-image-642335" src="https://technicalterrence.com/wp-content/uploads/2024/09/1726528848_82_61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg" alt="eth support around $2,300 | Source: @ali_charts via x” srcset=”https://technicalterrence.com/wp-content/uploads/2024/09/1726528848_82_61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg?w=2414 2414w, https://technicalterrence.com/wp-content/uploads/2024/09/1726528848_82_61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/09/1726528848_82_61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/09/1726528848_82_61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/09/1726528848_82_61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/09/1726528848_82_61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg?w=2048 2048w, https://technicalterrence.com/wp-content/uploads/2024/09/1726528848_82_61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/09/1726528848_82_61-of-Ethereum-holders-are-profitable-but-ETH-bulls-must.jpeg?w=1140 1140w” />

Millions of eth were purchased at this level, meaning it is a critical loading zone. If broken, the analyst predicts heavy losses that will see the coin fall below the August lows at $1,800 in a bearish trend continuation formation.

Featured image by DALLE, chart by TradingView