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Ethereum’s market activities last week were marked by a blend of signals as Spot Ethereum ETFs began to experience significant inflows. Since mid-September, ETH has been on an upward trajectory, reflecting a 25% gain from the September 6 low of $2,171, reaching $2,715 on September 27.
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This rally, coupled with the anticipated inflows into Spot Ethereum ETFs, has provided a much-needed respite for the Ethereum ecosystem. On-chain data reveals that last week’s price action saw numerous Ethereum addresses moving into the profitability zone. Specifically, the rally increased Ethereum’s profitability from 59% of addresses to 69%.
Ethereum Addresses See Much-Needed Profitability
After enduring weeks of market consolidation and outflows from Spot Ethereum ETFs, Ethereum’s price began an upward trend in mid-September, reigniting investor interest. According to data shared by the on-chain analytics platform IntoTheBlock (ITB), the rally has resulted in more than two-thirds of Ethereum holders being in profit.
Understanding this development hinges on ITB’s “In/Out of the Money” metric, which plays a crucial role in assessing the profitability of cryptocurrency holders. This metric compares the current market price of Ethereum to the purchase prices recorded for addresses holding the asset. By doing so, it calculates which holders are in profit, in loss, or at the break-even point (known as “at the money”). According to this measure, Ethereum has reached its highest profitability levels in nearly two months, a significant indicator of growing bullish sentiment.
Data indicates 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 2.61 million ETH addresses were at the money (neither in loss nor profit), while 34.94 million ETH addresses were in losses.
ETH Profitability To Keep Rising?
Looking ahead, it is natural to wonder if profitability will continue to increase in October. Fortunately, the crypto industry is currently experiencing bullish sentiment, especially in light of recent Fed rate cuts and weakening currencies in some 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 projections now falling into place, we could see many more addresses and ETH easily crossing into profitability next week.
As Ethereum pushes toward higher price levels, the focus will also turn to key psychological barriers, such as the $3,000 mark. The first step for ETH bulls is to make a clean break above $2,700 next week. This would set the stage for a successful run to $3,000, bringing even more addresses back into profit.
