More than 90% of ETH holders are in profit, but doubts remain above the $4K crash
Over the past seven days, the price of the cryptocurrency has increased by 5.7%, but more than 90% of Ether holders have been profitable as traders have increased their short bets.
Short bets continue to stack up against $4,000.
According to CoinGlass data, short positions of up to $1.43 billion could be filled if Ether (ETH) reaches $4,000.
A recent X post from IntoTheBlock states that “90.8% of ETH holders are now in profit, the highest since June.”
“Surprisingly, 9.2% of holders are still in losses, accounting for only 2.8% of the total supply,” he said, adding that “the potential selling pressure from this group may have some impact.”
According to CoinMarketCap data, Ether last breached the $4,000 price level on March 12, while Bitcoin (BTC) had previously reached a high of $73,679.
Ether was trading at $3,582 at the time of publication. Source: CoinMarketCap
Since then, Ether has been stuck in a tight range, trading between $2,223 and $4,066, even after its July 23 high. Ether traders had speculated that the launch could take price action similar to what Bitcoin ETFs have seen since its launch. It started in January.
Funding rates show that Ether has more support in the future.
Many traders hope that Ether is still on track to return to its yearly highs.
In a November 28 market report, CryptoQuant contributor ShayanBTC noted that the amount of Ether funding has shown a “significant increase” in recent weeks.
Still, he said, Ether's funding level is below levels seen when it was above $4,900, indicating that Ether has not “overheated” yet.
The Ether funding rate on crypto exchange Binance was 0.0162% at the time of publication.
Related: ETH ETF Demand Boosts 160% After Trump Win – Ether Price To $4K?
Anonymous trader Ash Crypto told his 1.3 million X followers that Ether is “very close” to reaching $4,000 on November 28.
“If Ethereum hits $15,000 this cycle, I'll get a tattoo for the first time,” said Borovik, an anonymous crypto trader, in a Nov. 23 X post. The ETH logo.
Crypto analyst Lark Davis emphasized the $15,000 price target for Ether for 1.2 million X followers since July.
Magazine: 5 Surprising Use Cases for Basic Agents and Nearby AI Assistants
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
