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Ethereum (ETH), for the first time in 8 months, addresses a profit plunge of 53%


According to Glassnode’s blockchain intelligence platform the current profit percentage for Ethereum addresses has dropped to 53.5%. 

The downtrend is attributed to Ether’s market performance, whose price has fallen by approximately 13% in the past 30 days.

Glassnode estimated The last time Ethereum addresses’ profit dropped below 54% occurred on January 12, 2023. The percentage was lower towards the end and first days of the new year of 2023. 

In May, ETH’s price was approaching $2,000; in July, it reached this milestone.

Source: Glassnode alerts, ETH per cent addresses in profit

Most recently, Ether’s valuation has consolidated at around $1,600 and, similar to many other cryptocurrencies, seems to await a major development to show signs of revival. 

Halting the Fed’s aggressive interest rate policy, a decisive win for Ripple in its lawsuit against the US SEC, or the official approval of a spot Bitcoin ETF in America are some events that could cause a bull rally in the entire market. 

If this occurs in the near…

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