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.
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…