Over 90% of ETH holders are in profit, but the $4,000 mark is still far away.
According to the latest data, over 90% of Ether (ETH) holders are now in the black, thanks to a 5.7% price increase over the past week. However, traders remain cautious, not convinced that ETH can break above $4,000, as short bets continue to increase.
Short pressure continues to escalate. According to CoinGlass, the total value of short positions that could be liquidated is as high as $1.43 billion if ETH continues to rise.
A recent report from X-platform IntoTheBlock shows that 90.8% of ETH holders are now in the black, the highest level since June. However, the remaining 9.2% are still in the black, accounting for just 2.8% of the total supply. The report notes that “selling pressure from this group is unlikely to have a significant impact on the market.”
Since then, Ether has been confined to a tight range, trading between $2,223 and $4,066, even after the launch of Ether spot ETFs on July 23. Many traders had hoped that the event would trigger a strong rally, similar to Bitcoin’s rally after the launch of Bitcoin spot ETFs in January.
However, some investors still believe that Ether could return to its yearly high. According to a Nov. 28 report by CryptoQuant contributor ShayanBTC, Ether funding rates have “increased significantly” in the past few weeks. However, this rate is still lower than when Ether hit its all-time high of $4,900, suggesting that the market is not yet overheated.
Currently, the Ether funding rate on Binance is 0.0162%. Meanwhile, anonymous trader Ash Crypto told his 1.3 million followers on the X platform that Ether is “very close” to $4,000.