The Ethereum (ETH) network has been trying to reach $4,000 for a while now. The largest altcoin has been moving slowly towards this coveted mark. About three years ago, the asset hit an all-time high of $4,891. Following this, the community believed that ETH could rise to a high of $5,000. But the asset is currently 27% below this peak. Can Ethereum reach $4,000 before the end of the year?
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Ethereum Holders Enjoy Profits
At press time, the second-largest cryptocurrency was trading at $3,566.07 following a 1% drop over the past 24 hours. Ethereum’s current price drop comes after a nearly 6% spike throughout the week.
Over the last 30 days, ETH has surged more than 33%. This has put a majority of Ethereum holders at a profit. Data from IntoTheBlock revealed that 90.8% of $ETH investors are profitable, which is the highest level since June. In addition, about 2.8% of the entire supply is held by the 9.2% of investors who are still losing. Accordingly, possible sell pressure from this group could not have much of an effect as long as ETH keeps rising.
If Ethereum continues to rise in the coming days or months, it could witness a major spike in profits.
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December Prediction
According to CoinCodex, the altcoin could witness a prominent uptick in December. Ethereum is expected to trade in a range between $3,738.00 and $3,751.48 during the month. This is much higher than the asset’s price in November. This would mean that assuming the average price of $3,743.68, the price of ETH could be 5.32% compared to today’s pricing.
In addition, Ethereum’s investors could rake in a profit of 5.54% through the altcoin in the coming month. It looks like December will be a bullish month for the Ethereum market.
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