Ethereum's price has been fluctuating, with bulls struggling to push it beyond the resistance levels of $2,400 and $2,800.
However, despite these challenges, the majority of ETH holders remain optimistic. Many believe that Ethereum will see a strong rebound, potentially surpassing its July high of $3,500.
According to data from IntoTheBlock, 61% of ETH holders are currently in profit, even though the price has dropped by nearly 35% from its July peak and 45% from the 2024 high. This demonstrates Ethereum's resilience, even amidst bearish market conditions.
In previous bear markets, the percentage of holders in profit typically fell much more drastically. For example, during the 2019/2020 period, this figure dropped to just 10%. In contrast, during the most recent bear market, the percentage of profitable holders remained at 46%, which is significantly higher than the 3% seen in 2018.
The profitability ratio of ETH highlights the growing maturity of the market, with holders showing sustained confidence in its long-term potential.
Dune data reveals that Ethereum’s circulating supply stands at 128,804,395 ETH, with the 1,000 largest addresses holding over 49.1 million ETH, which accounts for 38.15% of the total supply. Most of these large holders are currently in profit, meaning they have minimal incentive to sell.
A market analyst noted that ETH has a critical support zone between $2,290 and $2,360, where 1.9 million addresses hold 52.3 million ETH. If this support level is broken, ETH may extend its downward trend and dip below $1,800.
