Why Ethereum has no chance of reaching $ 2500 in the near future

This week, the value of ethereum exceeded $ 2000 for the first time since April 2023, approaching the average value of ETH placed in staking. However, cryptocurrency analysts are convinced that ETH has no chance of reaching $ 2500 in the coming weeks.

According to Glassnode’s 2022 report, a significant portion of the ETH blockchain was purchased at an average price of $ 2390. This information is also confirmed by Coinmarketcap: the aggregator reported that 68% of the coins placed in staking are still unprofitable.

The number of new addresses created in the Ethereum network has grown significantly over the past few months. However, despite this, the number of active blockchain users is declining.

A significant number of ETH stakers have purchased coins at an average price of $ 2390. If they decide to sell some of them, the asset is unlikely to break the $ 2500 mark even amid a strong bullish momentum.

Data from the IntoTheBlock analytical platform confirms this forecast. The chart shows that 7.3 million addresses are currently holding 33.55 million Ethereum, bought at an average price of $ 2365. These investors can significantly slow down growth or even trigger a pullback to $ 1970.

According to CoinMarketCap, at the time of writing, the main altcoin is trading at $ 1930, which is a 0.4% drop per day. The market capitalization of the digital asset is $ 231 billion, and daily trading volumes exceeded $ 4.7 billion.