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Ethereum has led the overall market recovery in recent years. ETH prices quickly jumped to $1,700 to hit a one-month high after a major merger update.
With its value increasing in such a short period of time, the profitability of merchants increased on the network. According to data from IntoTheBlock, ETH’s profitability reached 52% recently. At the same time, only 44% of owners are currently experiencing losses.
Ethereum is leading the way
Notably, 62% of investors have held their coins for more than a year. It just means that almost everyone who takes profits is a long-term holder. Profitability was also down 5% in the previous hours as ETH prices fell over 6% to $1,575 at press time.
Despite the decline, network activity has been impressive on Ethereum in recent years. With the growing interest in the merger, the network attracts new investors regularly. As Glassnode he noticedthe number of new addresses (7d MA) hit a 1-month high of 3,213 on August 2.
Source: Glassnode
The growing interest in the Merger also affected the total ETH 2.0 deposits. At press time, total deposits were impressive 13.25 million ETH with high profitability expected from the betting returns as well.
Source: Dune
Additionally, network activity remained high on Ethereum as news was released landmark recently.
According Glassnodethe number of transactions (7d MA) in Ethereum reached an 8-month high of 51,848 on August 2.
Source: Glassnode
Ethereum developer Tim Beiko has already done this was announced that the Prater will perform the Bellatrix upgrade on August 4th.
This will be the last step before the penultimate test network, Goerli, is merged with Prater. The Ethereum community is on high alert as both of these events are expected to take place in the next 10 days.
Where is the coupon?
ETH has been on a downtrend since August 1st, as prices fell 6% to break the $1,600 support.
Despite the losses, the network’s volume continued to move higher as it rose 26.75% on August 2.
There is renewed hope in the community after the rebound in price trends in July, which will surely benefit Ethereum in the long run.
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