Ethereum [ETH] is currently facing significant challenges as on-chain data reveals a concerning trend in holder profitability. This data suggests that the price of Ethereum is struggling to break through a major resistance level, leading to a bearish outlook for the market.
According to IntoTheBlock, a staggering 73.97% of Ethereum’s total supply, equivalent to around 106.75 million coins, is currently held at a loss. In contrast, only 24.07% of Ethereum is held in profit. This imbalance indicates a weak market structure, with a large number of holders still holding positions above the current trading range.
One key resistance level for Ethereum is in the range of $2,200 to $2,580, where approximately 45% of Ethereum’s total supply, or 66.29 million ETH, was purchased. This range, held by 12.28 million wallets, has an average cost basis of $2,381.85, making it a formidable resistance zone. On the other hand, support levels are weak, with only 1.96% of supply currently “At the Money,” indicating limited buying interest at current prices.
The Exchange Netflow data for Ethereum shows a consistent trend of large-scale withdrawals, with over 300,000 ETH leaving exchanges in both February and March 2025. These withdrawals coincide with steep price drops, suggesting that investors are removing assets to avoid selling into a weakening market. In contrast, inflows have been minimal and ineffective at reversing price momentum.
Santiment’s metrics further support the bearish outlook for Ethereum, with the Network Realized Profit/Loss chart showing consecutive realized losses. The dominance of losses in recent months reflects reduced short-term confidence among holders, with nearly 74% of Ethereum’s total supply held at a loss, primarily in the $2,200 to $2,580 range.
While the data confirms strong overhead resistance for Ethereum, it also leaves room for a potential breakout if met with sufficient volume and demand. However, until then, Ethereum is likely to remain below $2,200, with limited buyer interest and mounting sell-side pressure keeping the price range-bound.
In conclusion, Ethereum is currently facing significant challenges in breaking through key resistance levels, with weak support at current prices and a high percentage of holders at a loss. The market structure suggests a bearish outlook for Ethereum, but a breakout is still possible under the right conditions. Until then, the price of Ethereum is likely to remain constrained below $2,200. The Benefits of Meditation for Mental Health
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