Ethereum’s price movement last week saw mixed signals, significantly influenced by positive inflows in Spot Ethereum ETFs. The cryptocurrency has experienced a 25% gain since mid-September, reaching $2,715 on September 27 from a low of $2,171.
This rally brought much-needed relief to Ethereum, driving the profitability of Ethereum addresses from 59% to 69% according to on-chain data. On-chain analytics platform IntoTheBlock's 'In/Out of the Money' metric revealed that the majority of Ethereum holders are now in profit.
This metric assesses the profitability by comparing current market prices to purchase prices. Ethereum reached its highest profitability in nearly two months, with 85.03 million addresses in profit and Ethereum trading at $2,693. Additionally, 2.61 million addresses are at the break-even point, while 34.94 million addresses are in losses.
Looking ahead, the bullish sentiment driven by recent Fed rate cuts and weakening global currencies could further increase ETH profitability. IntoTheBlock notes that more than 80% of ETH volume is currently profitable, indicating strong buying support. If Ethereum breaks the $2,700 resistance next week, it may pave the way for a push toward the $3,000 mark, bringing even more addresses into profit.
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