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The movement of Ethereum last week was full of mixed signals as the Spot Ethereum ETF started to prove a positive entry. Notably, ETH he was in a meeting since mid-September, representing a 25% gain from the September 6 low of $2,171 as it topped $2,715 on September 27.
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This rally and well-anticipated entry into Spot Ethereum ETFs he brought a much-needed breath of fresh air in the Ethereum ecosystem. According to on-chain data, last week’s price action saw many Ethereum addresses move into profit territory. In particular, last week’s rally pushed Ethereum’s gains from 59% of addresses to 69%.
Ethereum Addresses See Most Wanted Profits
After enduring weeks of market consolidation and outflows from Spot Ethereum ETFs, the price of Ethereum began an upward trend in mid-September that rekindled investor interest. According to data shared by on-chain analytics platform IntoTheBlock (ITB), the rally resulted in more than two-thirds of Ethereum owners making a profit.
The key to understanding this development lies in ITB Metric “In/Out of Money”which plays an important role in assessing the profitability of cryptocurrency owners. This metric compares the current market price of Ethereum to the purchase prices recorded by addresses holding the asset.
In doing so, it calculates which owners have a profit, a loss, or a breakeven (known as “in the money”). According to this measure, Ethereum has reached its highest levels of profitability in almost two months, which is an important indicator of growing bullish sentiment.
The graph below shows that the number of Ethereum addresses for profit reached 85.03 million last week, which represents 69.38% of the total number of Ethereum addresses. At this time, Ethereum was trading at $2,693. Furthermore, the data highlights that at this time, 2.61 million ETH addresses were in the money (not in loss or profit), while 34.94 million ETH addresses were in loss.
ETH Profits To Continue Growing?
ETH Profits To Continue Growing?Looking ahead, it’s natural to wonder if profits will continue to grow in October. Fortunately, the crypto industry is now enjoying a bullish sentiment, especially given the recent Fed rate cuts and weak currencies in other parts of the world.
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According to IntoTheBlock’s social media handle on X, over 80% of ETH volume is now profitable, indicating strong buying support at critical levels. With bullish speculation is now in placewe can see more addresses and ETH easily go into profit next week.
As Ethereum moves towards higher price levels, the focus will once again turn to key psychological barriers, such as the 3,000 level mark. The first step for ETH bulls is to make a clean break over $2,700 next week. This will set the stage for a successful run at $3,000, returning more addresses to profit.
Featured image from Stormgain, chart from TradingView