Ethereum has flourished in recent times, leading crypto market recoveries. The leading altcoin noted a swift upswing to $1,700, recording a 1-month peak after a critical update concerning the anticipated, Merge.
Investor profitability boomed on the network following the massive uptick. IntoTheBlock’s data shows Ethereum profitability has shot 52% lately. Furthermore, only 44% of ETH holders are currently witnessing losses.
ETH Leads the Market
Notably, 62% of ETH investors have held their tokens for over one year. That means nearly all individuals in profit are Ethereum’s long-term holders.
Meanwhile, the last session saw profitability dropping by 5% as Ethereum plummeted to $1,576. The alt noted some uptick to regain $1.6K, changing hands at $1,619 during this publication.
Network activity has remained attractive lately regardless of the dip. The ETH network attracts new investors amidst surging Merge optimism. As Glassnode revealed, new ETH addresses (7d-MA) hit a one-month peak on August 2 at 3,213.
The surging Merge interest has also impacted ETH 2.0 total deposits. While publishing this blog, the Ether 2.0 deposits hovered at a whopping 13.25 million $ETH, with experts expecting higher profitability from staking yields.
Furthermore, Ethereum network activity stayed high, hitting a new record recently. Glassnode data shows ETH’s transaction count (7d-MA) hit 8-month highs on August 2 at 51,848.
Tim Beiko, an ETH developer, has already disclosed about Prater running through Bellatrix update on August 4. That will be the last stride before Goerli merges with Prater. The community remained alert as these events would happen in the coming ten days.
Where’s the ETH token
Ethereum recorded declines since August 1, losing 6% to breach the support level at $1,600. However, it noted a slight recovery to reclaim the foothold. Meanwhile, network volume remained elevated, gaining 26.75% on August 2.
The community sees renewed faith following July’s price uptrends and will benefit the second-largest crypto in the long run. For now, Ethereum remains lucrative for patient investors.
The altcoin has what it takes to ensure massive strides in the future, with market focus on the upcoming merge. However, time will reveal everything.
What are your thoughts about ETH’s status? You can share your views in the section below.
