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Ethereum has hit a new local high at $3,219, marking an impressive 35% increase since last Monday. This rapid rise has led to 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 activities.
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Key data from Santiment supports this bullish outlook, highlighting a significant spike in whale trades. Increased activity among large ETH holders often signals accumulation, indicating that influential players see the potential for Ethereum’s continued growth. This increase in whale transactions is usually seen as a harbinger of further price appreciation, as it signals continued interest from major investors.
As ETH continues to rise, analysts are closely watching its performance against Bitcoin, noting that Ethereum’s recent momentum could signal the start of a more sustained uptrend.
Ethereum Bull Phase Begins
Ethereum has officially entered a bullish phase after decisively breaking through key resistance levels and establishing a positive price structure. Recent data from Santiment confirms this upward trendas Ethereum is now showing strong growth rates that indicate further gains are on the horizon.
Whale transaction data indicates a significant increase in activity from major stakeholders (wallets holding significant amounts of ETH) who actively contributed to Ethereum reaching its highest price in over 14 weeks.
In addition to the increased whale activity, Ethereum transaction volume has skyrocketed, reaching $10.4 billion in recent days. This volume spike is an encouraging sign of rising demand and continued interest in ETH at current levels. Large trades often signal confidence from institutional players and wealthy investors, reinforcing bullish sentiment around Ethereum as they increase their holdings.
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Santiment analysts suggest that Bitcoin’s performance during this bull run could serve as a catalyst for Ethereum, with gains likely to redistribute from BTC to ETH as market participants diversify into top altcoins. This dynamic has historically benefited Ethereum during strong market cycles, potentially paving the way for ETH to regain its previous all-time high.
Additionally, Ethereum’s network activity appears robust, another key indicator of continued growth potential. With greater stakeholder participation, high transaction volume, and a healthy network, Ethereum appears well-positioned for continued upward momentum in the current bullish environment.
ETH tests fresh delivery
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 bulls are now firmly in control as ETH reaches new supply zones. A position above the 200-day MA is a positive indicator of the continuation of the bullish trend, as this level often supports price action when broken on an upward move.
If ETH experiences a pullback, a decline to the 200-day MA around $2,955 would represent a healthy retracement, potentially paving the way for further gains. A consolidation at or near this level would likely attract more demand, supporting a continuation of the uptrend.
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However, the current strong price action, combined with new demand coming into the market, could push Ethereum even higher without a significant pullback. The momentum ETH is building now could help it break through sequential supply levels in the near term, allowing it to reach higher targets. For now, Ethereum’s upward trajectory is supported by solid technical levels and a market environment that is increasingly favorable for continued gains.
Featured image of Dall-E, chart from TradingView
