Ethereum Investors Await Rally as Addresses in Profits Hit Montly Low

Ethereum has been maintaining a sideways movement in the markets for a significant period. The attempts made by the altcoin to surpass the $2,000 mark have not yielded successful results. In a similar vein, despite the applications for Bitcoin ETFs, companies have also begun seeking approval for Ethereum-based ETFs. Regrettably, these efforts have not contributed to an upward trajectory in the asset’s value.

According to Glassnode Alerts, investors in ETH were experiencing significant losses. Data further highlighted that the count of profitable Ethereum addresses had dropped to its lowest point in a month, totaling 66.6 million.

Also Read: Ethereum: These ETH Futures ETFs Are Awaiting Approval

Will Ethereum’s fate change?

Nevertheless, a number of analysts maintained an optimistic outlook regarding the second-largest cryptocurrency. These analysts say that the relatively stable nature of ETH should not be overlooked. They believe that it might present a favorable opportunity. Jan Hapell and Yann Allemann, the co-founders of Glassnode and active on Twitter as “Negentropic,” are indicating that ETH could be approaching a substantial price upswing.

Furthermore, as indicated in the tweet, the duo is of the opinion that Ethereum’s temporary weakness might open up a valuable opportunity in the medium term. While they also have confidence in Bitcoin, their conviction in Ethereum’s potential for an impressive surge is particularly strong.

Numerous investors appeared to hold an optimistic stance on the altcoin as well. Coinglass reported that ETH’s 24-hour long/short ratio indicated a greater inclination among investors toward long positions compared to short positions. Long positions were above 50%, while short positions stood at 49%.

Also Read: Ethereum May Decline to $1700 if It Loses This Level