Ethereum [ETH] has finally shown signs of breaking free from the recent sluggish trend, indicating a potential significant bull market rebound. For a long time, Ethereum has underperformed compared to Bitcoin, but its trading price has now reached $3,558.
In the past two weeks, ETH's price has achieved a significant 20% increase, reigniting investor enthusiasm. Despite a 1.4% decline in ETH's price within a recent day, it remains firmly above the crucial $3,500 support level, showcasing the market's strong resilience.
In this series of price fluctuations, market analysts have observed some key trends that further enhance the possibility of continued growth for Ethereum. An analyst from the CryptoQuant platform, theKriptolik, shared his unique insights, revealing the ongoing appeal of ETH to mainstream investors.
Although Ethereum's price level has decreased compared to previous highs, the exchange supply ratio of ETH has dropped to levels not seen since 2016. This decline indicates that investors are moving their holdings off exchanges, suggesting a long-term accumulation by investors.
The increase in active addresses indicates that more participants are engaging in the Ethereum ecosystem, whether for trading, decentralized applications, or staking, further strengthening the network's foundation.
While a slight decline may suggest short-term profit-taking, the sustained activity of large investors indicates that there is ongoing interest and confidence in Ethereum's long-term value proposition.
Typically, an increase in whale activity leads to intensified price fluctuations, while a decrease in whale activity may signal consolidation or preparation for the next market movement.