Türkçe
Español
Ethereum (ETH) may currently be experiencing a significant drop, but on-chain data indicates a potential price increase in the short to medium term. According to on-chain market analyst Ali Martinez, Ethereum currently has no significant barrier ahead, based on the In/Out of the Money indicator by crypto analysis platform IntoTheBlock.
The Current State of Ethereum Holders
Data shows that a total of 7.82 million addresses, or 65.4% of all wallets on the network, are currently in profit. This is compared to 4.13 million addresses, or 34.5%, that are at a loss or not profitable. Ethereum holders at the break-even point only constitute about 12,430 of the total wallets, or 0.10%.
According to Ali Martinez, since there is no visible supply barrier, Ethereum could potentially rise to $2,700 in the short term, a level beyond the $2,500 projection. If this achievement is reached, ETH could retest the price levels last seen in early May 2022. Although this price prediction is ambitious, it could be a significant deviation from current reality.
Developments on the Smart Contract Platform
At the time of writing, Ethereum is trying to recover from minor losses accrued since the new year, trading at $2,310.95 with a 0.28% increase over the last 24 hours. Over the past week, Ethereum has maintained a slight upward trend with a 1.12% increase. Ethereum may face existential threats from significant competitors including Solana (SOL), XRP Ledger, Avalanche (AVAX), and Cardano (ADA).
Although Ethereum’s growth is relatively weak compared to these alternatives, Solana has expanded its impact on Ethereum with a noticeable reversal in DEX volumes and other core areas. Additionally, Solana has recorded a more bullish price movement compared to last year, with SOL rising up to 989%, while Ethereum only managed a 94.16% gain last year. Other chains like Cardano and XRPL are also making innovations that prove they are fully ready to develop in the coming months.
