Ethereum Shows Bullish Momentum Amid SOPR Stability
- Since September 28, Ethereum (ETH) has increased from around $3,800 to the mid $4,000 range.
- ETH’s Spent Output Profit Ratio (SOPR) hovered between 0.98 and 1.03, indicating stable demand.
- Exchange reserves of ETH are declining as more investors move assets to self-custody or staking.
- ETH whales recently acquired $1.73 billion worth of ETH, reducing exchange balances to a nine-year low.
- At press time, ETH is trading at $4,471, marking a rise of approximately 2.6% in the past day.
Ethereum has been on an upward trend since late September with significant whale activity and decreasing exchange reserves supporting its bullish momentum. The stability of the SOPR ratio suggests that demand is meeting supply effectively without major sell-offs.
As long as Ethereum maintains its current support level and SOPR remains above one, it could continue its upward trajectory toward the $5,000 mark (Source)
