As a seasoned crypto investor with a decade of experience under my belt, I’ve seen my fair share of market fluctuations and hype cycles. The recent surge in Ether’s price has been intriguing, to say the least. With 90.8% of ETH holders now in profit, it’s hard not to feel a sense of optimism.
Approximately 9 out of 10 Ether investors are currently making a profit due to a 5.7% increase in its value over the past week. However, there seems to be hesitation among traders about whether ETH will surpass the significant $4,000 threshold once more, as they appear to be building up their positions for short bets.
Short bets against $4,000 keep piling up
Data from CoinGlass indicates that around $1.43 billion worth of short positions might need to be closed if Ether’s price hits $4,000.
According to the latest findings from IntoTheBlock, an impressive 90.8% of Ethereum (ETH) owners currently find themselves in a profitable position, which is the highest it’s been since June.
It’s worth noting that about 9.2% of the holders are still in the red, but they only possess around 2.8% of the entire supply. This implies that the selling pressure from this group might not significantly affect the market.
Ether’s last recorded price above $4,000 happened on March 12, a time when Bitcoin (BTC) attained its previous peak of $73,679, as per the information from CoinMarketCap.
Since its launch, Ether has been confined within a limited trading band, fluctuating between approximately $2,223 and $4,066. Interestingly, this range persisted despite the debut of an Ether-based ETF on July 23rd, which traders had expected would mirror Bitcoin‘s price behavior following the launch of spot Bitcoin ETFs in January.
Funding rates suggest Ether has more upside ahead
Several traders are optimistic that Ether is still on track to return to its yearly high levels.
According to the market report published on November 28th, ShayanBTC from CryptoQuant noted an increase, or “uptick,” in the funding rates of Ether over the past few weeks.
Despite the fact that funding rates are not as high as they were when Ethereum reached its peak price of $4,900, it was pointed out that Ether has not yet entered a state of excessive overheating.
At the time of publication, Ether’s funding rate on the crypto exchange Binance is 0.0162%.
Anonymous cryptocurrency investor known as Ash Crypto recently shared with their 1.3 million followers on November 28th that they believe Ether could soon hit the $4,000 mark.
Anonymous cryptocurrency investor Borovik expressed increased enthusiasm in a November 23 social media post, declaring, “Should Ethereum reach $15,000 during this market cycle, it will be the first time I’ll get inked with the ETH symbol.
Crypto expert Lark Davis has consistently suggested a $15,000 price point for Ether to his 1.2 million followers on various platforms, since as early as July.
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2024-11-29 09:12