when

More than 90% of Ether holders are now in profit as the cryptocurrency’s price has increased 5.7% over the last seven days, but traders are seemingly uncertain about ETH rising above the $4,000 level, as they mount up on short bets. 
<h2 id="short-bets-against-4-000-keep-piling-up">Short bets against $4,000 keep piling up</h2>
CoinGlass <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/dashboard/ethereum" rel="null" target="null" text="null" title="https://www.coinglass.com/pro/dashboard/ethereum">data</a> shows much as $1.43 billion of short positions could be liquidated if Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/ethereum-price">ETH</a>) reaches $4,000.
It comes as a recent X post from IntoTheBlock <a data-ct-non-breakable="null" href="https://x.com/intotheblock/status/1862085630760747179" rel="null" target="null" text="null" title="null">said</a> that “90.8% of ETH holders are now in profit, the highest since June.”
“Interestingly, the 9.2% of holders still at a loss hold just 2.8% of the total supply,” it said, suggesting that “potential sell pressure from this group may have a limited impact.”
The last time Ether crossed the $4,000 price level was March 12, when Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) reached a previous high of $73,679, according to CoinMarketCap <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/ethereum/" rel="null" target="null" text="null" title="null">data</a>.
<figure>
 <img alt="Over 90% of ETH holders are in profit, but doubts linger over $4K breakout" src="https://s3.cointelegraph.com/uploads/2024-11/0193767f-e953-718a-908b-1276d26bb0f2" title="">
 <figcaption style="text-align: center;">
 Ether was trading at $3,582 at the time of publication. Source: CoinMarketCap
 </figcaption>
</figure>
Since then, Ether has been stuck in a narrow range, trading between $2,223 and $4,066, even after the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/spot-eth-etfs-launch-are-ethereum-derivatives-traders-positioned-for-upside" rel="null" target="null" text="null" title="null">spot Ether ETFs launched on July 23</a>. Ether traders had anticipated that the launch might lead to surging price action like Bitcoin saw after the spot Bitcoin ETFs launched in January.
<h2 id="funding-rates-suggest-ether-has-more-upside-ahead">Funding rates suggest Ether has more upside ahead</h2>
Several traders are optimistic that Ether is still on track to return to its yearly high levels.
In a Nov. 28 market <a data-ct-non-breakable="null" href="https://cryptoquant.com/insights/quicktake/674855f73f3c6a3c5870f9fb-Ethereum-Rally-Gains-Momentum-Funding-Rates-Signal-Bullish-Sentiment-with-Room-f?utm_source=telegram&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=shayanbtc" rel="null" target="null" text="null" title="null">report</a>, CryptoQuant contributor ShayanBTC pointed out that Ether funding rates have seen a “significant uptick” in recent weeks.&nbsp;
Still, they said funding rates are below the levels seen when Ethereum hit its all-time high of $4,900, indicating that Ether hasn’t yet “entered an overheated state.”
Ether’s funding rate on the crypto exchange Binance was 0.0162% at the time of publication. 
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/leveraged-eth-etf-demand-up-160-trump-win-ether-4k" rel="null" target="null" text="null" title="null">Leveraged ETH ETF demand up 160% since Trump win — Ether price to $4K?</a>
Pseudonymous trader Ash Crypto said to their 1.3 million X <a data-ct-non-breakable="null" href="https://x.com/Ashcryptoreal/status/1862139260515602609" rel="null" target="null" text="null" title="https://x.com/Ashcryptoreal/status/1862139260515602609">followers</a> on Nov. 28 that Ether is “very close” to reaching $4,000.&nbsp;
Pseudonymous crypto trader Borovik was even more optimistic, saying in a Nov. 23 X <a data-ct-non-breakable="null" href="https://x.com/3orovik/status/1860077219667976689" rel="null" target="null" text="null" title="null">post</a> that “If Ethereum hits $15,000 this cycle, I’ll get my first ever tattoo. The ETH logo.”
Crypto analyst Lark Davis has been <a data-ct-non-breakable="null" href="https://x.com/TheCryptoLark/status/1808839632269836362" rel="null" target="null" text="null" title="null">emphasizing</a> the $15,000 price target for Ether to his 1.2 million X followers since July.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/5-incredible-uses-for-based-agents-and-nears-ai-assistant/" rel="null" target="null" text="null" title="null">5 incredible use cases for Based Agents and Near’s AI Assistant</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Over 90% of ETH holders are in profit, but doubts linger over $4K breakout

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