Ethereum (ETH) has skyrocketed over the past week. All eyes have been on Bitcoin, with the long-awaited launch of Bitcoin spot exchange-traded funds (ETFs). Not only has the price of Ethereum risen to levels not seen in a long time, its profitability has also seen a significant increase.
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Ethereum price trend
Ethereum opened the week at $2,221. On Monday, the Ethereum price rose to a high of almost $2,400. On that day, Bitcoin rose to around $47,000 for the first time since early April 2022.
On Tuesday, Ethereum corrected to a low of around $2,225. The big fireworks display took place on Wednesday, the day eleven Bitcoin ETFs were approved. Ethereum price rose more than 10 percent to its all-time high of 2,643.
On Friday, a new upswing broke through this peak. A high of $2,718 was reached that day. The last time Ethereum reached this level was in early May 2022.
Ethereum is currently trading 14.24 percent higher than at the beginning of the week. What's notable is that Bitcoin actually fell by 2.03 percent over the same period. Now that Bitcoin spot ETFs have been launched, investor attention has shifted to the launch of such Ethereum exchange funds.
Last summer, major asset managers, including BlackRock, filed all of their filings with the U.S. Securities and Exchange Commission.
ETH profitability at its highest level since 2021
With the sharp price increase, Ethereum's profitability has reached a new milestone. According to data from The Block, the 7-day moving average rose to 90.67 percent yesterday.
This simply means that 90.67 percent of all Ethereum wallet addresses are currently in the green. A wallet address is green if the average purchase price of all Ether is lower than the current price.
The last time profitability exceeded 90 percent was in December 2021. At that time, the price was around $4,200, 65 percent above the current price of $2,533.
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