Ethereum Investors Ride the Rollercoaster: Profitable Addresses Nearly Double Since April’s Lows

Volatility’s back on the menu—and Ethereum holders are cashing in. The number of ETH addresses in profit has surged by almost 100% since April’s brutal dip, proving once again that crypto loves a comeback story.

Bulls are back, but don’t break out the champagne yet. Traders are eyeing key resistance levels like Wall Street analysts eyeing a free lunch—cautiously optimistic, but ready to bolt at the first sign of trouble.

One cynical take? The same ’smart money’ that panic-sold in April is now FOMO-buying at higher prices. Some things never change in this beautifully dysfunctional market.

Volatility Grows: Ethereum Eyes A Breakout

Ethereum bulls have regained control after a turbulent few months, forming a bullish price structure as the asset attempts to reclaim the $2,700 level. The surge began with a clean breakout above $2,200, and despite recent volatility, Ethereum is showing signs of strength. On Sunday, ETH spiked above $2,550 before retracing to $2,400 in a sharp pullback. Since then, price action has stabilized, and with Bitcoin pushing into new all-time highs, Ethereum appears poised to follow.

Analysts now expect a potential breakout if ETH can flip $2,700 into support. Momentum is building as selling pressure fades, and buyer confidence grows. Many view this as a key inflection point: if bulls sustain their push, Ethereum could reassert leadership in a market increasingly tilted toward altcoins.

Supporting this bullish outlook is fresh on-chain data from Sentora. Following a brutal drawdown that began in December 2024, the percentage of ETH addresses in profit collapsed from over 90% to just 32% by April 2025. Since then, the recovery has been dramatic—nearly 60% of addresses are now back in profit. According to Sentora, this level of volatility hasn’t been seen since the explosive 2017 bull cycle.

If Ethereum continues this trend and breaks out of its current range, it may not only confirm a strong recovery but also spark the next major leg of altseason.

ETH Tests Critical Resistance

Ethereum is now trading at a pivotal level, having surged to $2,687 with a 5.3% daily gain. The chart shows ETH challenging its 200-day simple moving average (SMA) at $2,702, a key technical barrier that has historically acted as resistance. After multiple failed attempts to break past this level in recent weeks, today’s bullish momentum puts ETH on the verge of a potential breakout.

The bullish structure is supported by strong upward volume, signaling renewed buyer interest. Notably, the 200-day exponential moving average (EMA), currently at $2,444, has provided solid support throughout May, creating a base for this upward push. If Ethereum decisively closes above the $2,700 region, it could set the stage for a rally toward $3,000 and beyond, confirming a shift in trend after months of bearish pressure.

However, the price is still within a consolidation range, and bulls must hold above $2,600 to maintain this breakout potential. Failure to do so may result in a short-term retracement back to the $2,400–$2,450 demand zone.

Featured image from Dall-E, chart from TradingView