A historic milestone has been reached in the Ethereum market, with data from
IntoTheBlock revealing that virtually all ETH holders are currently "In the Money." This means that every single holder acquired their Ethereum at a price lower than the current market value. The data shows that 98.81% of holders, representing a massive
$704.29 billion worth of
ETH, are sitting on gains, with the remaining 1.19% "At the Money," having bought their assets at the current price. This unprecedented situation suggests minimal sell pressure from existing holders, as they are likely anticipating a new all-time high (ATH) for the asset.
Navigating Towards a New All-Time High
Despite this overwhelmingly positive metric, Ethereum is yet to set a new ATH. The cryptocurrency remains approximately 3% below its previous peak of $4,891.70. While the bullish sentiment is strong, a recent dip in trading volume by 8.47% has caused some concern among traders. The market is now closely watching the psychological $5,000 price level, as a breach of this mark could trigger a short squeeze and lead to a new ATH. If bulls can increase trading volume and push the price past this critical resistance, Ethereum could finally establish a new record and solidify its position in the market.