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Ethereum (ETH), the second-largest cryptocurrency by market cap, rose above $3,000 in the last 24 hours for the first time since April 2022 before falling back amid a crypto market sell-off.
At the time of writing, ETH was down 1.43% in the last 24 hours, at $2,891. As Ethereum hovers below $3,000, on-chain analytics firm IntoTheBloc presents what the on-chain picture looks like.
ETH is extremely close to breaking $3k. Here's what the onchain picture looks like👇
➖In total, there are still over 16 million ETH addresses holding at a loss (~14.7%).
➖There are about 879k addresses that would become profitable as Ethereum breaks $3k.
➖These addresses have… pic.twitter.com/P4hby7NdJJ
In total, nearly 16 million ETH addresses (or around 14.7%) are still holding at a loss. In addition, if Ethereum returns to $3,000, about 879,000 addresses will become profitable. These addresses have been out of profit for two years and may look to sell and break even at this psychological threshold.
On the bigger picture, this number of addresses is a relatively small obstacle for ETH. With more than 83% of addresses currently profitable, Ethereum's most likely scenario is to reclaim $3,000.
Bitcoin and Ethereum are leading the asset performance pack, with year-to-date gains of 17.6% and 18.2%, respectively.
Following the introduction of the Bitcoin ETF, ETH has begun to outperform BTC, an aberration from its relative underperformance in 2023.
However, the aggregate altcoin market cap has not performed as well, with YTD growth less than half that of the two major cryptocurrencies.
Ethereum is outperforming Bitcoin due to expectations that the next wave of new U.S. crypto exchange-traded funds may target the second-largest digital asset, heralding a surge in investor demand.
Per historical data, Ethereum inflows tend to lag behind Bitcoin, suggesting investors look for confidence and confirmation that digital asset markets are expanding. In the 2021 cycle, the peak influx of new capital into BTC came 20 days before the peak influx into ETH.
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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