- ETH’s 180-day MVRV rose above 1%.
- Daily new Ethereum addresses fell below 70,000.
Lately, Ethereum [ETH] The price development was remarkably strong. We may be on the cusp of a new uptrend as recent data suggests certain groups of holders are starting to make profits. How have holders at different levels fared during the current price surge?
Realistic or not, here is the market cap of ETH in terms of BTC
Ethereum maintains a bull trend
On the daily timeframe chart, Ethereum has seen a gain of around 13% since the start of its uptrend. While there has been a small decline recently, it pales in comparison to the substantial gains seen in recent days.
At the time of writing, Ethereum was trading above the $1,780 price level, with a gain of less than 1%. Furthermore, the recent consecutive declines have pushed the Relative Strength Index (RSI) below 70.
Nevertheless, this dip below 70 has not undermined the ongoing bullish trend.
Source: TradingView
Furthermore, with the current trend, some Ethereum (ETH) holders have finally started seeing profits.
Ethereum MVRV shows entry to profitability
According to the Market Value to Realized Value (MVRV) diagram of Santiment, some holders have finally become profitable. Specifically, Santiment’s 180-day MVRV indicated that holders in this group had gains of more than 1% at the time of writing.
The chart showed an MVRV that exceeded 1 and reached 1.7% at the time of writing. This is particularly remarkable because this group had been in a losing position for more than three months.
Source: Santiment
Furthermore, this recent development raises the possibility of Ethereum experiencing further upward trends as more holders now make profits. Additionally, examination of the 90-day MVRV revealed even greater profitability within this group.
The chart illustrates a 90-day MVRV of over 7% at this time. With several categories of holders holding assets at a profit, ETH could be poised for a more substantial bullish run.
New addresses show a less impressive trend
Although Ethereum has witnessed notable upward trends, it appears that these moves have not sparked a substantial response from new users. This observation could be inferred from the new address metric on Glassnode.
Source: Glassnode
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Furthermore, a closer look at this metric revealed a lack of significant recent trends, with a notable decline in the number of daily new addresses. At the time of writing this decrease was clearly visible: the number of new addresses was 65,525.
This suggested that on-chain activity was driven by existing addresses, rather than an influx of new users.
