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A report recently published by on-chain data company Sentora (formerly known as IntoTheBlock) has revealed a bullish signal for the Ethereum market; at the moment, 97% of Ethereum addresses are in profit.
Historically, mass sell-offs begin once more than 90% of holders are in profit. In particular, this happened during the 2021 Ethereum bull run. However, many analysts are looking positively into Ethereum’s future, both short and long term.
Crypto blogger Lark Davis is one of those bullish traders. Today, he published a tweet, sharing a forecast that Ethereum needs to defend “the orange box between $3,800 and $4,000,” as is shown on the chart he shared. He also stated: “Retests back in this range are likely bullish and buying zones for those who missed the breakout.”
Samson Mow explains ETH/BTC growth, here's catch
Bitcoin maximalist and JAN3 CEO Samson Mow believes that a lot of those who hold Ethereum now also hold a lot of Bitcoin, and they are “rotating that BTC into ETH to pump it on new narratives,” where Mow hints at Ethereum treasury companies.
Once they have pushed it high enough, Mow argues, “they’ll dump their ETH, creating new generational bagholders, and then rotate the gains back into BTC.”
Dan Burgin
Vladislav Sopov
U.Today Editorial Team