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Ethereum’s movement last week was full of mixed signals, as Spot Ethereum ETFs started to see healthy inflows. It is worth noting that ETH He was on a march Since mid-September, reflecting a 25% gain from the September 6 low of $2,171, it crossed $2,715 on September 27.
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This well-anticipated rise and inflow into Spot Ethereum ETFs It brought a much needed break In the Ethereum ecosystem. According to on-chain data, last week’s price action saw many Ethereum addresses move into the profitability zone. In particular, last week’s surge pushed Ethereum’s profitability from 59% of addresses to 69%.
Ethereum addresses are seeing much-needed profitability
After long weeks of market consolidation and outflows from Spot Ethereum ETFs, the price of Ethereum began an upward trajectory in mid-September, reigniting investor interest. According to data shared by on-chain analytics platform IntoTheBlock (ITB), the rally has resulted in more than two-thirds of Ethereum holders making profits.
The key to understanding this development lies in… ITB’s “in/out of the money” metricWhich plays a crucial role in evaluating the profitability of cryptocurrency holders. This metric compares the current market price of Ethereum to the recorded purchase prices of addresses containing the asset.
In doing so, it counts any holders at profit, at loss or at break-even (known as “at the money”). By this measure, Ethereum has reached its highest levels of profitability in nearly two months, an important indicator of growing bullish sentiment.
The chart below shows that the number of Ethereum addresses in profit reached 85.03 million last week, representing 69.38% of the total 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 (neither at a loss nor in profit), while 34.94 million ETH addresses were in losses.
Looking ahead, it is natural to wonder whether profitability will continue to increase in October. Fortunately, the cryptocurrency industry is now enjoying bullish sentiment, especially in light of recent interest rate cuts from the Federal Reserve and weak currencies in some parts of the world.
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According to IntoTheBlock Social media handles X, with over 80% of ETH volume now profitable, indicating strong buying support at critical levels. with Bullish expectations are now falling into placeWe could see more addresses and ETH easily cross into profitability next week.
As Ethereum moves towards higher price levels, the focus will also shift to key psychological barriers, such as the $3,000 mark. The first step for ETH bulls is to create Clean break above $2700 next week. This would pave the way for a success of up to $3,000, putting more titles back into profit.
Featured image from Stormgain, chart from TradingView