Ethereum's profitability reached 69%, which might be the bottom as the asset's price reaches $2,800
As the profitability rate suggests, around 70% of Ethereum investors are holding the asset at a profit, which is considered a relatively high rate and does not reach the extreme levels we saw back in 2021, when Bitcoin and Ethereum profitability was close to 90%.
Usually, it is possible to determine local bottoms and tops by comparing price action with different profitability rates. Usually, profitability consolidates at around 90%, 70% and 50%. Everything below these rates usually moves erratically. Despite the recent drawdown, the two top assets by market cap are still showing a strong bottom as the majority of the holders are in profit
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