Ethereum is showing signs of recovery after enduring nearly six months of intense selling pressure, according to recent on-chain data. Despite significant losses for many holders, the current market situation could potentially set the stage for a new bullish phase. Swissblock, a blockchain analytics provider, reported that Ethereum’s supply in loss has dominated since late January, with the majority of tokens held at a loss rather than at a profit. The “Supply in Profit/Loss” model shows that this drawn-out period of capitulation has resulted in about 45.7 million ETH being underwater compared to 31.6 million ETH held at a gain.