- Ethereum has risen almost 20% in two weeks, with significant accumulation by investors.
- Key metrics such as active addresses and whale transactions indicate potential for price increases.
Ethereum [ETH] has shown signs of breaking out of the recent period of stagnation and finally gearing up for what could be a major bull rally. After months of underperformance compared to Bitcoin, Ethereum is currently trading at $3,558.
This follows a 20% price increase in the past two weeks, signaling renewed interest from investors. Although ETH has fallen 1.4% over the past day, it remains above the crucial USD 3,500 support level, underscoring the market’s resilience.
Amid this price movement, market analysts have done just that identified key trends that strengthen Ethereum’s potential for sustainable growth. A CryptoQuant analyst known as TheKriptolik shared insights that shed light on ETH’s enduring appeal to major investors.
Source: CryptoQuant
The analyst highlighted that despite Ethereum’s lower price levels compared to previous highs, the ETH Exchange Supply Ratio has fallen to levels last seen in 2016. This decline indicates that investors are transferring their holdings from the stock markets, indicating long-term accumulation.
Even as circulating supply has increased, the decline in ETH holdings on the exchange highlights that investors still view ETH as a safe haven.
Key numbers indicate growing momentum for Ethereum
Analyzing Ethereum’s broader metrics reveals additional insights into the asset’s performance and investor behavior. One notable indicator is the growth in Ethereum’s active addresses, a metric often associated with retail investor interest.
According to Glass junctionthe number of active Ethereum addresses has steadily increased from less than 500,000 in October to 531,000 on November 28.
Source: Glassnode
This upward trajectory indicates increased network activity, which typically correlates with increased demand and potential price appreciation.
The increase in active addresses indicates that a growing number of participants are engaging with the Ethereum ecosystem, whether through transactions, decentralized applications or staking, further strengthening the foundations of the network.
Another key metric is the activity of Ethereum whales: investors executing trades over $100,000. Facts from IntoTheBlock reveals that whale transactions peaked at 11,210 earlier this month, reflecting increased institutional activity.
However, this figure has fallen recently, with Ethereum recording 7,410 whale transactions on November 28.
Source: IntoTheBlock
Read Ethereum [ETH] Price forecast 2024-2025
While the slight decline could indicate short-term profit-taking, the continued activity from large-scale investors signals continued interest and confidence in Ethereum’s long-term value proposition.
Typically, an increase in whale activity can lead to higher price volatility, while a decrease can indicate consolidation or preparation for the next market move.
Credit : ambcrypto.com
