The price of an ounce of gold in USD is currently $ 1824. The price of 1 ETH is 1871 dollars. If you had purchased 1 ounce of gold a year ago, you would have made an unrealized 15.84 percent profit on your investment right now. However, if you had bought ETH instead of an ounce of gold for $ 1.575 at that time, you would have 5.76 ETH. This amount is currently $ 10,776, so you would have made a 584 percent return on investment.

 

 

Ethereum now costs more than gold ounce

Despite the controversy over network fees, the return is still much higher than investing in gold.

So what does this mean for Ethereum’s price increase and trend? To analyze the trend, let’s examine an interesting metric, the number of addresses in profit on the 7-day moving average.

What does it mean for the price?

Today, the number of Ethereum addresses in profit has reached ATH with 53.5 million according to Glassnode’s chart above. Despite numerous addresses sitting on unrealized profits, Ethereum’s price did not surrender to selling pressure. The price is now closer to a new ATH above $ 1800, and in-chain analysis shows that sentiment among traders is neutral. For Ethereum, this is a positive sign for price as it leaves room for vertical price growth.

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Famous Analyst Does Not Expect Rise in Ethereum (ETH)

Interestingly, Ethereum’s correlation with Bitcoin is 0.85. Ethereum is emerging as a competitor that surpasses the price of 1 ounce of gold in less than a decade. For Bitcoin, where more institutional investment is expected, this is a bullish sign in the long run, and Ethereum can also benefit.

Major altcoins in the top 100 by market capitalization broke out, and fractals show that traders are making unrealized profits with double digit growth. Ethereum stands out as the provider of most altcoins and the DeFi ecosystem, and even any price correction is currently being interpreted as just an indicator of impending growth.

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