For the largest altcoin Ethereum (ETH), it was April when the price touched the $2100 level, and 10 November is the second time in 2023 that the price again tapped the same level indicating the ETH price is poised to sustain its upward trajectory, aiming for the $2,500 price threshold following its breakthrough beyond the psychological barrier of $2,000. Despite encountering challenges for several months in reaching the $2,000 mark, the second-largest cryptocurrency by market cap has now found renewed optimism and appears to be on a positive trend.
IntoTheBlock reports that Ethereum is encountering substantial resistance as it nears the $2,500 zone, with 75% of ETH holders maintaining their positions. The leading on-chain analytics provider suggests that while profit-taking could be anticipated at these levels, a significant pullback is unlikely given Ethereum’s favorable long-term prospects.
According to IntoTheBlock’s data, the likelihood of ETH reaching the $2,500 region remains high due to its positive outlook. The statistics from IntoTheBlock reveal 77.72 million profitable Ethereum addresses compared to 21.91 million unprofitable ones. Notably, cryptocurrency analyst Ali Martinez points out that despite Ethereum recently reclaiming the $2,000 threshold, whales, or large investors, have not yet entered the buying fray, indicating their current absence from the market.
The Ethereum network is experiencing an upward trend, fueled by the potential impact of whale activity. If these large investors decide to buy, there is a possibility that the price of ETH could surge to even higher levels. The $2,000 price point indicates significant support for Ethereum, reminiscent of its position four months ago in July. The recent filing by BlackRock, the world’s largest asset manager, for the iShares Ethereum Trust in Delaware, akin to a popular Bitcoin exchange-traded fund (ETF), adds to the speculation that Ethereum is currently situated around the $2,000 mark.
Furthermore, Ethereum’s ecosystem demonstrates a tendency toward holding, as evidenced by recent historical lows in ETH supply on exchanges. According to CoinMarketCap price chart, ETH is being traded at $2,052.87 with a 31.27% increase compared to previous month’s price at the time of writing. It is yet to be seen whether Ethereum will reach the new peak of $2,500 or not.
