Ethereum is in a hectic pattern as I write this as bulls struggle to gain momentum and push the coin above immediate resistance levels around $2,400 and $2,800. Despite this, most ETH holders are bullish, expecting prices to turn the corner and rally higher, even breaking through July highs around $3,500.

61% of ETH holders in cash

In delicate of this development and the general downtime, IntoTheBlock data can be seen that 61% of all ETH holders are in the money. That over 50% of all ETH holders are in the green despite the coin having lost almost 35% since its July highs and almost 45% since its 2024 highs indicates resilience, especially in the face of determined bears.

Technically, the resilience of ETH holders indicates a wave of optimism sweeping through the ecosystem. According to IntoTheBlock, this development means that at current levels, more ETH holders are making money, significantly more than in bear market cycles. After that, profitability tends to fall drastically.

By comparison, IntoTheBlock analysts note that during 2019/2020, when prices were falling, the percentage of profitable holders dropped to just 10% at one point.

Additionally, during the recent bear market, the percentage of ETH holders making money fell to 46%. However, this was significantly higher than the 3% when ETH prices fell to just 3% at the peak of the bear market in 2018.

Ethereum Holders Are Confident, Support Is $2,290 and $2,360

ETH profitability has fluctuated over the years, indicating that the market is maturing and cryptocurrency holders are still confident about its future.

According to Dune dataThere are 128,804,395 ETH in circulation. Of that, the top 1,000 addresses control over 49.1 million, or 38.15%. If IntoTheBlock’s data is any indication, most of these whales are in the black, making money. As such, they won’t be encouraged to sell, which will put more pressure on ETH.

Taking a closer look at the chain data, one analyst notes that ETH has critical support at $2290 to $2360. Almost 1.9 million addresses were bought in this zone and there are currently about 52.3 million ETH there.

Millions of ETH were bought at this level, which means it is a critical loading zone. If broken, the analyst predicts keen losses that will see the price fall below the August lows to $1,800 in a bearish continuation pattern.

Featured image from DALLE, chart from TradingView