According to Swissblock’s Supply in Profit/Loss model, Ethereum has been in a capitulation phase for nearly six months. Approximately 45.7 million ETH is currently in loss versus 31.6 million in profit, illustrating the high level of stress on the network. ETH price has however rebounded from its June low near $1,500 to approximately $1,890, currently testing the 100-day exponential moving average around $1,935. The RSI indicator between 58 and 60 suggests sustained buying pressure without overbought conditions. The article suggests that this prolonged capitulation phase, historically associated with accumulation rather than distribution, could serve as the starting point for the next significant bullish move.
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