More than 90% of Ethereum (ETH) holders are currently in the green as the cryptocurrency has seen a 5.7% increase over the past week.
Of course there’s still a cloud of doubt hanging over whether ETH can break through the $4,000 barrier anytime soon.
Waiting for an ATH
Traders are feeling a bit jittery about ETH reaching to the $4,000 level, and CoinGlass’ data reveals that there are around $1.43 billion in short positions that could be liquidated if Ethereum indeed does hit that price.
The 90.8% is the highest percentage since June, but interestingly, the remaining 9.2% of holders who are at a loss right now, control only 2.8% of the total supply, suggesting any sell-off from this group might not impact prices on a big way.
The last time Ethereum crossed the $4,000 threshold was back on March, when Bitcoin reached its previous ATH of $73,679.
Since then, ETH has been stuck in a narrow trading range between $2,200 and $4,000, even after the launch of spot Ether ETFs in July.
Many traders had hoped this launch would trigger a price surge similar to what Bitcoin experienced earlier this year.
Positive signs ahead, prepare for the climb?
On the other hand, some traders believe Ethereum is still poised for bigger growth.
CryptoQuant contributor ShayanBTC pointed out that Ethereum’s funding rates have seen a notable increase lately, and this is often considered as bullish sign.
They also noted that these rates are still below the levels seen when Ethereum hit its all-time high of $4,900, signaling there’s room for growth without overheating.
Analyst predictions
Pseudonymous trader Ash Crypto shared on X that Ethereum is very close to hitting that $4,000 level, and another trader, Borovik, even joked that if Ethereum reaches $15,000, he’ll get his first-ever tattoo of the ETH logo!
Crypto analyst a Youtube influencer Lark Davis has been also pushing the $15,000 target for Ethereum to his followers since July.
With optimism growing and more investors eyeing potential gains, it’s clear that many believe Ethereum still has plenty of upside ahead.
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