Ethereum Surge: 9.9M Addresses Profitable, Sell-Off Looms

Ethereum's recent surge has sparked interest in the cryptocurrency market, with a significant number of addresses turning profitable. As of now, approximately 9.9 million Ethereum addresses have flipped into profit, raising questions about whether these investors will choose to sell their holdings.

Ethereum's price has surged by 5.23% in the past 24 hours, accompanied by a 30% increase in trading volume. This rally has led to speculation about the potential height of the rally and whether Ethereum can shatter expectations. Risk appetite has been creeping back into the market, with futures traders increasing their leverage. In just one day, $37.21 million in Ethereum shorts were wiped out, and over $1.5 billion in new positions were opened.

Smart money has been loading up on Ethereum, injecting an additional $100 million into the market. This influx of capital has helped to stabilize Ethereum's price and prevent a significant retrace to pre-election levels. However, despite the recent rally, over 9.9 million addresses holding 62.14 million ETH have just flipped into profit at $2,560, potentially setting the stage for a sell-off.

The Ethereum/Bitcoin pair has hit a three-year low, but a bullish reversal is now underway. With the MACD turning green and Bitcoin consolidating, investors appear to be eyeing Ethereum for rotation. However, despite Ethereum's 5% surge, exchange reserves have jumped over 4%, signaling that traders are not yet in full HODL mode.

The question remains: can smart money keep Ethereum in consolidation before a breakout, or will fading greed and creeping fear send it tumbling back to $2,200? The coming days will provide clarity on this issue, but for now, the odds seem to favor a potential sell-off.