Ethereum: Holder accumulation slows, holders in profit soars – What’s next?

Key Points

1. Ethereum (ETH) rose by 4.09% over the weekend, defending the $3,700 support level and climbing above the $3,860 local high from July 21st.

2. The trading volume has been low, indicating the breakout might lack strong momentum, supported by a CMF reading of 0.0 and mixed signals from the MACD.

3. The percentage of ETH supply in profit is at 98.1%, a level that historically precedes local highs, suggesting a potential pullback.

4. During the 2020-2021 bull run, ETH's supply in profit stayed above 95% for six months; if repeated, ETH might see extended growth.

5. ETH spot ETFs have seen 16 consecutive days of positive netflows, totaling $452 million in inflows as of July 25th, indicating strong institutional interest.