Ethereum holders are experiencing renewed profits as the price of Ether has surged to $2,700, marking a 52% increase since May 7. This rise signifies that average holders are now back in unrealized profit, which may foster bullish market sentiment. However, a significant sell pressure risk exists around $2,800, where approximately 2.27 million ETH held at an average cost basis of $2,767 could trigger a sell-off. Analysts emphasize that maintaining a price above the $2,400 level is vital to support the bullish outlook and allow for a potential retest of the $3,000 mark. The true market mean for active investors is around $2,400, indicating a significant resistance area that must be overcome for upward momentum. The ETH/USD pair needs to successfully close beyond the $2,600-$2,800 range, which is currently reinforced by moving averages. Continued demand from Ethereum ETFs could provide additional support for price movements. If Ethereum falls below $2,400, it could lead to a significant decline, erasing recent gains.

Source 🔗