Ethereum investors are on edge, awaiting a potential rally as key on-chain metrics paint a mixed picture. Following a brutal drawdown that began in December 2025, the percentage of ETH addresses in profit collapsed from over 90% to just 32% by April 2025. Since then, the recovery has been slow and uneven. While Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has hit a surprising low – not in price but in investor sentiment.

Data shows just 61% of Ethereum holders have been left in profit after the recent bearish action. Here’s how it compares with past bear markets. In a new post on X, the market intelligence has noted the shifting landscape. Ethereum has been maintaining a sideways movement in the markets for a significant period. The attempts made by bulls to break out have so far been unsuccessful, adding to the uncertainty.

According to analysts, the sentiment surrounding Ethereum is heavily influenced by the number of addresses in profit. According to the on-chain analysis firm Glassnode, the number of Ethereum addresses in profit has now hit a 10-month high of nearly 64 million. This comes after ETH experienced significant price fluctuations. Data further highlighted that the count of profitable Ethereum addresses had dropped significantly during the downturn. This current level indicates a potential for a significant price movement, but the direction remains uncertain.

According to Glassnode Alerts, investors in ETH were experiencing significant losses. The key question remains: will Ethereum break out of its current sideways trend and deliver the rally that investors are eagerly anticipating, or will the number of addresses in profit continue to fluctuate around this monthly low? Monitor the situation and consider consulting financial advisors before making any decisions about cryptocurrency investment.