Ethereum, the second-largest crypto in terms of market cap, is exhibiting a positive sign as more than 80% of its supply moved in profit on June 10.
As per Glassnode recent market analysis chart, back to back for the 3rd time in 2020, Ethereum supply has jumped over 80%, “Last time the Ethereum’s supply in profit was significantly above 80%, ETH was priced at around $700,” as mentioned in the report.
Furthermore, the crypto analytics firm Glassnode chart shows that Ethereum has entered a positive zone. Similar zone from where ETH had started its bullish phase last time. On prior events when ETH reached the 100% mark, it was supplanted by an abrupt change.
However, data demonstrated that the firm solely recounted Externally Owned Accounts for this analysis.
Bullish Phase Short-Lived for Ethereum
In May, ETH rallied between $250–$252 could be the initial signs for the bullish phase. However, this surge has also fueled the transactional gas to reach a new height. The network’s overall gas has surged from $0.08 to $0.41.
Although Ethereum presented positive signs, somehow its bullish phase was short-lived. Currently, ETH is trading at $235. The crypto analyst believes that Bitcoin’s recent volatility played a significant roll in the price fall of ETH.