This article is also available in Spanish.
ethereum has reached a new local high of $3,219, marking an impressive 35% increase since last Monday. This rapid rise has ignited strong optimism among analysts and investors, who now see ethereum poised 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.
Related reading
Key data from Santiment supports this bullish outlook, highlighting a significant increase in whale transactions. Increased activity among large eth holders often indicates accumulation, suggesting that influential players see the potential for continued growth of ethereum. This increase in whale trading is often 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 and note that ethereum's recent momentum could signal the start of a more sustained uptrend.
Beginning of the bullish phase of ethereum
ethereum has officially entered a bullish phase after decisively breaking key resistance levels and establishing a positive price structure. x.com/santimentfeed/status/1855432416770290081″ target=”_blank” rel=”nofollow”>The latest data from Santiment confirm this upward trendas ethereum is now showing strong growth metrics that suggest further gains are possible in the future.
Whale transaction data points to a significant increase in activity from major stakeholders (wallets containing substantial amounts of eth) that have actively contributed to ethereum reaching its highest price in over 14 weeks.
In addition to increased whale activity, ethereum transaction volume has increased, reaching as much as $10.4 billion in recent days. This increase in volume is an encouraging sign of growing demand and sustained interest in eth at its current levels. Large transactions often indicate confidence on the part of institutional players and high net worth investors, reinforcing the bullish sentiment around ethereum as their holdings increase.
Related reading
Analysts at Santiment suggest that bitcoin's performance during this bull run could serve as a catalyst for ethereum, with gains likely to be redistributed from btc to eth as market participants diversify into major altcoins. This dynamic has historically benefited ethereum during strong market cycles, which could set the stage for eth to reach its previous all-time high again.
Additionally, ethereum network activity appears strong, another key indicator of sustained growth potential. With increased stakeholder participation, high transaction volume, and a healthy network, ethereum appears well positioned for continued upward momentum in the current bullish environment.
eth tests new 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 break above a long-term resistance level indicates that the bulls are now firmly in control as eth reaches new supply zones. Staying above the 200-day moving average is a positive indicator to maintain the uptrend as this level often supports price action when surpassed in an upward move.
If eth experiences a pullback, a drop to the 200-day MA around $2,955 would represent a healthy pullback, which could set the stage for further gains. A consolidation at or near this level would likely attract more demand, supporting the continuation of the uptrend.
Related reading
However, the current strong price action combined with new demand entering the market could push ethereum even higher without a significant pullback. The momentum that eth is generating now may help it surpass successive supply levels in the near term, moving towards higher targets. For now, ethereum's upward trajectory is supported by strong technical levels and an increasingly favorable market environment for continued gains.
Featured image of Dall-E, TradingView chart
