Ethereum (ETH) has surpassed the $2,000 mark today, signaling a significant milestone in the cryptocurrency’s ongoing market performance. As Ethereum’s price crosses this psychological threshold, investors and analysts are now focusing on the next major resistance level, around the $2,400 zone. Successfully conquering this level could indicate a bullish shift for ETH, potentially setting the stage for further price appreciation.
At the time of writing, Ethereum is trading at approximately $2,030.28, reflecting a steady rise in value and momentum. A closer look at Ethereum’s market data shows a diverse range of addresses holding ETH at different price levels. The current distribution of addresses reveals significant activity in both the “In The Money” and “Out Of The Money” categories.
According to Crypto Analyst Ali Martinez, a substantial portion of Ethereum addresses are “In The Money,” with 31.56% of all ETH addresses holding ETH at an average price of $1,953.35. These holders are in profit, having purchased Ethereum at prices lower than the current market value. In contrast, 65.08% of addresses fall under the “Out Of The Money” category, meaning that these holders purchased Ethereum at higher price points, currently facing losses.
Ethereum Price, Sentiment, Distribution, $2,400 Resistance
The chart highlights the continued spread of Ethereum’s price across various price levels, with prices ranging from $1,973.10 to as high as $2,953.47. The data also reveals that the minimum price of Ethereum in recent transactions was $2,231.20, and the maximum price reached up to $2,953.47. These price points represent the volatility that characterizes the ETH market, yet the overall trend reflects optimism, particularly as Ethereum approaches the $2,400 zone.
The current price levels, as shown in the chart, are crucial in assessing market sentiment. While Ethereum is clearly on an upward trajectory, analysts are particularly focused on whether the cryptocurrency can break through the $2,400 resistance level. This is seen as an essential target for a bullish flip that could propel Ethereum into a new phase of price appreciation.
The distribution of Ethereum addresses reveals a broad range of activity, with 12.39 million addresses holding ETH. Of these, the majority are still “Out Of The Money,” showing that many investors are waiting for Ethereum to surpass higher price levels for a more profitable position. Despite this, the 31.56% of addresses that are “In The Money” indicate that a significant portion of the market is already experiencing gains.
Additionally, the overall market coverage, as shown in the chart, reflects a 100% coverage across all price levels. This suggests that Ethereum’s market is currently balanced, with addresses spread across various price points. However, it remains to be seen whether ETH can continue this momentum and attract new investors once it crosses the critical $2,400 resistance level.
As Ethereum’s price continues to climb, the $2,400 zone remains a critical level for the cryptocurrency’s near-term price action. A successful break above this level would not only mark a significant technical milestone but also bolster market confidence in Ethereum’s continued bullish potential. Analysts and traders alike are eagerly watching this area, as breaking the $2,400 resistance could signal the beginning of a more extended upward trend for ETH.
