Ethereum has reached a new local high at $3,219, marking an impressive 35% surge since last Monday. This rapid rise has ignited strong optimism among analysts and investors, who now see Ethereum as primed for further gains as it begins to show strength against Bitcoin. The rally reflects renewed confidence in ETH’s potential, especially as major stakeholders increase their activity.
Key data from Santiment supports this bullish outlook, highlighting a significant spike in whale transactions. Increased activity among large ETH holders often signals accumulation, suggesting that influential players see the potential for Ethereum’s continued growth. This uptick in whale transactions is typically seen as a precursor to further price appreciation, as it indicates sustained interest from high-volume investors.
As ETH continues to rise, analysts are closely watching its performance against Bitcoin, noting that Ethereum’s recent momentum could indicate the beginning of a more sustained uptrend.
Ethereum Bull Phase Starting
Ethereum has officially entered a bullish phase after decisively breaking key resistance levels and establishing a positive price structure. Recent data from Santiment confirms this upward trend, as Ethereum is now showing strong growth metrics that suggest further gains may lie ahead.
Whale transaction data points to a significant increase in activity from major stakeholders—wallets holding substantial amounts of ETH—who have actively contributed to Ethereum reaching its highest price in over 14 weeks.
In addition to heightened whale activity, Ethereum’s transaction volume has surged, reaching as much as $10.4 billion over the past several days. This volume spike is an encouraging sign of rising demand and sustained interest in ETH at its current levels. Large transactions often signal confidence from institutional players and high-net-worth investors, reinforcing the bullish sentiment around Ethereum as they increase their holdings.
Santiment analysts suggest that Bitcoin’s performance during this bull run could serve as a catalyst for Ethereum, with profits likely redistributing from BTC to ETH as market participants diversify into top altcoins. This dynamic has historically benefited Ethereum during strong market cycles, potentially setting the stage for ETH to revisit its previous all-time high.
Additionally, Ethereum’s network activity appears robust, another key indicator of sustained growth potential. With increased stakeholder participation, high transaction volume, and a healthy network, Ethereum seems well-positioned for continued upward momentum in the current bullish environment.
ETH Testing Fresh Supply
Ethereum (ETH) is currently trading at $3,170, showing strength after an aggressive move above the 200-day moving average (MA) at $2,955. This breakout above a long-term resistance level signals that bulls are now firmly in control as ETH reaches new supply zones. Holding above the 200-day MA is a positive indicator for sustaining the bullish trend, as this level often supports price action when breached on an upward move.
If ETH experiences a pullback, a drop back to the 200-day MA around $2,955 would represent a healthy retracement, potentially setting the stage for further gains. A consolidation at or near this level would likely attract more demand, supporting a continuation of the uptrend.
However, the current strong price action combined with fresh demand entering the market could propel Ethereum even higher without a significant pullback. The momentum ETH is building now may help it break through successive supply levels in the near term, pushing toward higher targets. For now, Ethereum’s upward trajectory is supported by solid technical levels and a market environment increasingly favorable for continued gains.
Featured image from Dall-E, chart from TradingView
Sebastian Villafuerte
Sebastian’s journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.
To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian’s goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.
To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.
Sebastian’s passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.
Sebastian’s journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.
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