According to pseudonymous CryptoQuant contributor Crypto SunMoon, Ethereum, the second-largest cryptocurrency by market cap, remains in a bullish trend. 

As noted by the analyst, the chief altcoin is yet to lose its key realized price level despite a significant correction over the past few months. 

Based on historical price data, altcoins tend to be in a bull market trend when Ethereum is stronger than its realized price. 

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The leading altcoin reached its current 2024 peak of $4,065 on March 4, falling short of reaching a new all-time high. Ethereum is currently down nearly 40% from the aforementioned peak. 

Notably, Ethereum managed to briefly touch the $4,000 level on the Binance exchange following the unexpected approval of several Ethereum-based exchange-traded funds. 

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This exuberance did not last long. The Ethereum price ended up collapsing below the $3,000 level in early July. Ethereum ETFs finally went live later that month after the approval process was finalized. Their much-hyped debut did not end up being the bullish catalyst that the chief altcoin desperately needed. Ethereum ETFs started recording negative flows on the second day of trading.

As reported by U.Today, banking behemoth JPMorgan recently commented that the outflows recorded by Ethereum ETFs were higher than expected due to Grayscale's ETHE. 

Despite the lack of an obvious bullish catalyst and the underwhelming performance of ETFs, Ethereum's bullish structure appears to be intact.

The leading altcoin is currently changing hands at $2,451, according to CoinGecko data.