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The profitability of Ethereum (ETH) has surged to levels not seen since June, with 90.8% of ETH holders now in profit, according to data from IntoTheBlock. This milestone highlights a favorable position for the majority of investors, leaving only 9.2% of holders at a loss. Importantly, this group controls just 2.8% of the total supply, suggesting that any sell pressure from them is likely to have minimal impact on Ethereum’s price trajectory.
As can be seen on the on-chain platform's charts, all of the unprofitable Ethereum tokens were bought in the range between $3,624 and $4,169 with 3.95 million ETH, equivalent to about $14.33 billion, accumulated by 11.42 million wallets. To absorb this liquidity in this price range, Ethereum needs to make a 33% move upward from the current level.
On the other side, right now, all of the profitable Ethereum holders command 134.69 million ETH, which is equivalent to around $488.21 billion and is held by 115.22 million addresses.
Dilemma
From the on-chain perspective, Ethereum is just about 10% of addresses and volume beyond new all-time highs. If we cut into the price chart realm, though, it is still a surge from $3,622 to $4,868 per ETH, according to Binance.
What is more lucrative for Ethereum holders who enjoy profits right now — to take it right now or ride all the way up to a new price high? It is unlikely that there is a consensus.
However, based on the recent Ethereum price action, one may say that all the sales — if there are any — get absorbed, which means the market has an appetite for the biggest alternative cryptocurrency right now.