Ethereum address profitability rate reaches 94%, setting a new all-time high

Recently, the price of Ethereum (ETH) surged to a 52-week high of $3,958 per coin, profitable addresses have exceeded 94.3%, and limited resistance has allowed it to retest its previous high of $4,891.70.
Data from crypto analytics platform IntoTheBlock (ITB) shows that the total number of profitable Ethereum addresses is 104.71 million, which is the highest record in more than a year. The crypto asset has been on a bull run after the approval of Bitcoin's trend-following exchange-traded fund (ETF) product.
Ethereum on-chain data statistics show that all Ethereum addresses are currently in a "profitable" or "balanced" state.
The analytics platform noted that about 6.33 million addresses, or 5.7% of the total, are at a balance point or breaking even.
The data shows that this equilibrium price ranges from $3,903.45 to $4,811.59. Ethereum’s current price is $3,949.90 per coin, up 4.31% in 24 hours. The 2.83 million ETH held by 6.33 million addresses are not immediately at risk of selling.
Ethereum’s restrictive selling pressure puts the price in a good position for an upside move. The $10.4 billion in trading volume recorded by whales overnight underscores the return of market confidence, which could help Ethereum retest its all-time high price.
Favorable Ethereum Growth Factors
Ethereum’s fundamentals are roughly twice as strong as Bitcoin’s, reinforcing the likelihood that it will continue to lead in the bull run.
The Dencun Upgrade is expected to take place next week on March 13 and will make Ethereum relatively cheap and more scalable, thereby increasing its usability and demand. ETH also has the opportunity to receive consideration for listing on exchange-traded fund products.
Market experts are divided on the expected outcome of the SEC’s decision, but the chance of approval has remained above 50%, and VanEck’s application deadline in May will be an important defining date.
While these events will shape its future growth, the correlation with Bitcoin helps to solidify its resistance in the short term.
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