The Glassnode data suggests the ETH SOPR is below 1, which indicates the coins are spent at a loss. This usually signals that the sellers are exiting positions at every rebound that are still underwater. Therefore, Ethereum is still not absorbing the selling pressure, as the bulls do not appear to be confident. Hence, a sustained ETH SOPR above 1 could indicate more confidence that may eventually trigger a breakout.
The Bottom Line
Currently, the market participants do not appear to be optimistic about the ETH price rally, and as a result, the token surges quickly following a BTC price breakout. It also attracts more gains than Bitcoin but lags the conviction the star token carries. Therefore, Ethereum needs more time to squash the sellers, and this could be when the price may trigger a strong breakout to higher targets.
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