Ethereum (ETH) is said to continue its upward momentum towards the $2,500 price level after surpassing the psychological barrier of $2,000. ETH has been attempting to reach the $2,000 price for several months, but the second-largest cryptocurrency by market value has recently seen the light at the end of the tunnel.
According to IntoTheBlock, Ethereum faces significant resistance as it approaches the $2,500 region, and 75% of ETH holders are already holding. The leading on-chain analytics provider suggested that although profit-taking could be expected at these levels, it is unlikely to trigger a significant pullback given Ethereum’s long-term outlook.
Therefore, based on IntoTheBlock’s data, the possibility of ETH rising to the $2,500 region is high due to the positive outlook. According to IntoTheBlock’s statistics, the number of profitable Ethereum addresses was 77.72 million, while the number of unprofitable ones was 21.91. Prominent cryptocurrency analyst Ali Martinez highlighted that despite Ethereum reclaiming the $2,000 threshold recently, whales have not yet started buying, which suggests their absence in this mix.
This situation is drawing an upward trend in the Ethereum network because if whales buy, the ETH price can rise to higher levels. The $2,000 price level may indicate that Ethereum received support from the highest level in four months, as the second-largest cryptocurrency was in this range in July of this year. Thanks to BlackRock, the world’s largest asset manager, applying for the iShares Ethereum Trust in Delaware, which resembles a popular spot Bitcoin exchange-traded fund (ETF), Ethereum is predicted to be currently in the $2,000 region.
Additionally, considering the recent historical lows in ETH supply on exchanges, Ethereum has demonstrated a culture of holding in its ecosystem. According to CoinGecko, ETH reached $2,079 with a 12% increase at the time of writing. Therefore, whether Ethereum will rise to the new all-time high of $2,500 or not remains to be seen.