A greater percentage of Ethereum (ETH) holders have recorded significant gains amid the recent market rally, per data from IntoTheBlock.
Though short-lived, the July market recovery favored several crypto tokens, including Ethereum (ETH). Accordingly, holders of the second-largest crypto asset are among those who have profited from their early investments.
The leading market intelligence platform IntoTheBlock confirmed this today. As disclosed in a tweet, 63.94% of ETH holders are currently in profit. This indicates that 63.17 million addresses holding Ether have recorded a considerable ROI as ETH remains above $1,800.
63.9% of ETH holders are currently in profit.
The bubbles below show important potential resistance/support levels for $ETH. smaller bubbles are easier to surpass when price starts moving. pic.twitter.com/guf4n5PKKH
— IntoTheBlock (@intotheblock) July 31, 2023
On the other hand, IntoTheBlock’s Monday update revealed that 31.69% of ETH holders are currently counting losses. This suggests that 31.31 million addresses holding ETH have encountered a negative ROI. The on-chain data analytic platform further showed some crucial potential resistance and support levels for ETH.
Ethereum Maintains 8-Month Bullish Trendline
It bears noting that ETH is among the top performers in the crypto market. In particular, the large-cap asset has maintained a bullish trend for the past eight months.
Recall that ETH fell to $1,073 last November. This price level marked the bottom of the asset’s prolonged bearish run in the previous year. It also represented the beginning of the asset’s multi-month bullish trendline.
As several investors steadily accumulated the coin, ETH rose above $2,140 in early April. But it fell to $1,626 in June as traders massively took profits. Amid the market-wide rally around mid-July, as Ripple scored a partial victory in the SEC lawsuit, ETH skyrocketed above $2,000.
This impressive run was partly fueled by the substantial drop in the network’s gas fees, as reported by The Crypto Basic. The upsurge was also attributed to the rise in the institutional adoption of crypto. Notably, ETH is among the four assets supported on the first-of-its-kind institutional crypto marketplace — EDX Markets.
However, the asset’s price plummeted slightly as the crypto market cooled. This happened after a dormant Ethereum ICO participant moved 61,216 ETH to Kraken.
Uncertain Future Price Action
Regardless, ETH has not fallen below the bullish trendline seen on its one-day ETH/USDT chart. While this chart pattern indicates a further rise, its one-day frame Relative Strength Index (41) shows a decline in buying pressure.
While ETH proponents hope for another rally, the asset is changing hands at $1,860 at the time of writing. Data showed a 1.14% decline in the past 24 hours, while it has increased by 1.08% in the last seven days.