Ethereum’s movement last week was full of mixed signals as Spot Ethereum ETFs started to show good inflows. ETH in particular he was at the rally since mid-September, reflecting a 25% raise from the September 6 low of $2,171, which topped $2,715 on September 27.

This growth and the long-awaited inflows of Spot Ethereum ETFs brought much needed respite to the Ethereum ecosystem. According to on-chain data, last week’s price action pushed many Ethereum addresses into the break-even zone. Last week’s surge in particular saw Ethereum’s yield jump from 59% of addresses to 69%.

Ethereum addresses provide much-needed profitability

Following weeks of market consolidation and outflows from Spot Ethereum ETFs, the Ethereum price began an upward trend in mid-September, which once again aroused investor interest. According to data shared by analytics platform IntoTheBlock (ITB), the rally led to gains for more than two-thirds of Ethereum holders.

The key to understanding this development lies in ITB “In/Out of the Money” indicator.which plays a key role in assessing the profitability of cryptocurrency holders. This metric compares the current market price of Ethereum to the purchase prices recorded for the addresses where the asset is located.

In this way, it calculates which holders have a profit, a loss or reach the break-even point (so-called “at the money”). By this measure, Ethereum has hit its highest yield level in almost two months, a significant indicator of growing bullish sentiment.

The chart below shows that the number of profitable Ethereum addresses reached 85.03 million last week, accounting for 69.38% of all Ethereum addresses. At that time, the price of Ethereum was $2,693. Moreover, the data highlights that during this time, 2.61 million ETH addresses recorded losses (neither loss nor profit), while 34.94 million ETH addresses recorded losses.

Will ETH profitability continue to raise?

Looking ahead, it’s natural to wonder whether yields will continue to rise in October. Fortunately, the cryptocurrency industry is currently enjoying bullish sentiment, especially in lightweight of recent Fed interest rate cuts and weakening currencies in some parts of the world.

By IntoTheBlock social media supports X, over 80% of ETH volume is currently profitable, indicating robust buying support at critical levels. WITH bullish forecasts are already coming truenext week we can expect many more addresses and ETH to easily deliver profitability.

As Ethereum moves towards higher price levels, attention will also focus on key psychological barriers such as the $3,000 barrier. The first step for ETH bulls is creation tidy break above $2,700 next week. This would set the stage for a successful rise to $3,000, bringing profits to even more addresses.

Featured image from Stormgain, chart from TradingView