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In a historic development, Ethereum (ETH), the leading altcoin, is bullish, with all of its holders in profit. In the last 24 hours, activities in the Ethereum ecosystem have been on an upward trajectory in terms of price and volume outlook.
Ethereum 3% below all-time high amid bullish sentiment
According to IntoTheBlock data, a total of 148.2 million ETH valued at $704.29 billion are "In the Money." This reflects 98.81% of Ethereum holders. This implies that these investors bought the asset at a price lower than the current market price.
Interestingly, no holder is "Out of the Money." Meanwhile, only 1.19% of holders are "At the Money." These holders account for 1.79 million ETH worth $8.52 billion. These investors bought Ethereum at around $4,752.
The implication of this for the leading altcoin is that there is minimal sell pressure on holders. With all investors in profit, they are likely to hold off selling their asset with anticipation of a new all-time high (ATH).
The market had been agitated when a major Ethereum ICO whale went for profit in a fresh batch of sales less than 48 hours ago. However, the current development suggests that sell pressure has dropped.
Surprisingly, despite the bullish outlook of Ethereum, the asset remains about 3% away from flipping its ATH of $4,891.70 set about four years ago. This has sparked concern among some market participants, who were anticipating the ETH price to hit $5,000.
Traders eye $5,000 ETH as trigger for short squeeze
As of press time, Ethereum was changing hands at $4,763.33, which reflects a 1.55% increase in the last 24 hours. The asset had soared to an intraday peak of $4,788.55 before experiencing a slight correction on the market.
However, the trading volume dipped by 8.47% to $61.39 billion within the same time frame. Perhaps, if Ethereum bulls can pull volume into the green zone, the asset could set a new ATH amid heightened expectations.
Investors are closely monitoring the $5,000 price level as the price could set off a short squeeze and severe liquidations.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team