Ethereum (ETH) price performance has been disappointing for many investors in the market, given the performance of Bitcoin, which has hit record highs. While the second-largest cryptocurrency in the market is still trading less than 23% below its high this year at $4,000. This relatively weak performance is reflected in the continued decline in the price of ETH against BTC.
However, blockchain data suggests that investors are adopting a “hold” strategy rather than selling, indicating optimism that the price will continue to rise and reach new highs.
Especially in light of the general sentiment in the market that was affected by what is known as the “Trump Trade,” which contributed to mitigating risks and improving general market conditions.
According to the analyst, when this indicator is coupled with the decline in flows to the platforms, it also indicates that investors still maintain confidence in Ethereum’s long-term growth potential.
Onat adds that Ethereum’s stability above $2,800 could pave the way for a quick move towards $4,000.
