Ethereum (ETH) holders have demonstrated resilience and optimism amidst recent market fluctuations, particularly following a $10 million sell-off by the Ethereum Foundation. Despite the lack of significant gains in the price of ETH, investors continue to show confidence in the cryptocurrency's potential.
Earlier today, the Ethereum Foundation sold 100 ETH for $262,474, contributing to a total of 3,766 ETH sold this year, valued at over $10.46 million. This consistent selling may indicate strategic profit-taking or cover operational costs, but it has not deterred holders' confidence in the altcoin.
According to Glassnode’s Net Unrealized Profit/Loss (NUPL) metric, Ethereum investors remain optimistic. The NUPL sentiment scale indicates that holders are currently in the optimistic region, reflecting their belief in potential price increases.
The Historical In/Out of Money (HIOM) metric shows that the percentage of holders in profit has risen from 60% to 64.37% since mid-September, encouraging further investment in ETH.
Analysis of Ethereum’s weekly chart reveals an increase in the Commodity Channel Index (CCI), suggesting a potential price rise for ETH. If the CCI continues to rise, there’s a possibility of ETH reaching $3,255.
While the Ethereum Foundation's sell-off has raised eyebrows, the underlying sentiment and increasing profitability among holders indicate a strong confidence in the future of Ethereum (ETH).
