Are ETH Bulls Preparing For A 100% Surge?

Ethereum
is
pushing
higher,
as
shown
in
the
daily
chart.
After
last
week’s
dip
and
recovery,
the
second
most
valuable
coin
is
up
nearly
25%
from
August
lows.
If
buyers
take
charge
today,
clearing
and
closing
above
$2,600,
as
is
currently
the
case,
it
could
anchor
the
base
of
another
uptick
toward
$3,300
in
a
buy
trend
continuation
formation.

66%
Of
All
Ethereum
Addresses
Are
In
Profit

The
possibility
of
this
price
action
panning
out
is
highly
likely.
According
to
IntoTheBlock
data,
Ethereum
is
at
an
intriguing
phase
and
is
impressively
shaking
off
weakness
seen
in
the
first
half
of
the
week.

IntoTheBlock
data notes
that
66%
of
Ethereum
addresses
are
in
green
at
spot
rates.
This
development
means
many
holders
profit
despite
the
past
five
months’
volatility
and
ups
and
downs
after
prices
peaked
in
March
2024.

The
fact
that
a
large
percentage
of
holders
are
in
profit
is
bullish
and
may
mean
more
ETH
holders
are
willing
to
hold
on
and
see
how
price
action
prints
out
in
the
coming
days.

Typically,
whenever
a
larger
percentage
of
addresses
are
in
the
red
and
losing
money,
they
may
seek
to
exit
in
a
panic,
in
a
self-preservation
mode,
protecting
their
bottom
line.

Though
this
is
also
possible
now
that
prices
are
rising,
entities
who
may
cash
out
now
could
miss
out
on
even
bigger
gains,
at
least
if
the
past
guides.
According
to
IntoTheBlock
data,
the
last
time
66%
of
all
ETH
addresses
were
in
profits
was
back
in
October
2023.

ETH
Holders
Accumulating,
Are
Bulls
Ready
To
Take
Over?

Around
October
2023,
looking
at
historical
price
action,
ETH
bounced
higher
before
rallying
strongly
in
the
coming
months
to
March
2024,
reaching
$4,100.
While
this
impressive
past
performance
doesn’t
necessarily
mean
it
will
be
replicated
in
the
days
ahead,
the
recovery
of
the
last
few
days
and
other
market
factors
may
prop
up
optimistic
buyers.

By
the
end
of
last
week,
CryptoQuant
data

showed

that
addresses
holding
between
10
and
10,000
ETH
and
those
holding
between
10,000
and
100,000
ETH
were
busy
buying.
Their
activity
saw
these
cohorts
cumulatively
add
757,000
ETH,
a
huge
sentiment
boost.

That
these
entities
are
loading
up
suggests
that
they
are
optimistic
about
what
lies
ahead,
a
net
positive
for
bulls.
As
of
August
12,
Ethereum
faces
headwinds
at
around
$2,700,
or
August
5
highs.

For
the
uptrend
to
continue,
there
must
be
a
sharp
close
above
this
level,
ideally
with
rising
volume.
This
expansion
may
form
the
base
of
a
leg-up
that
may
see
ETH
fly
to
a
July
2024
high
of
$3,500
in
a
buy
trend
continuation
formation.  

Feature
image
from
Canva,
chart
from
TradingView