Key Notes

• Increased whale activity, with 450,000 ETH accumulated in a month, further underscores positive sentiment.
• Nearly 1 million ETH have been withdrawn from exchanges since April, indicating reduced sell pressure and strengthening price stability.
• Additionally, a golden cross on Ethereum’s technical chart signals a strong bullish outlook for $4,000 and beyond rally.

The Ethereum

ETH
$1 845

24h volatility:
2.6%

Market cap:
$222.72 B

Vol. 24h:
$14.22 B

price drop over the weekend has raised concerns in the crypto community about whether this is the end of the rally. However, on-chain metrics show that Ethereum fundamentals have enough strength to stage a quick recovery moving ahead. As far as ETH price sustains above the $2,200 support, market analysts believe that the rally remains intact.

Four On-Chain Metrics That Show Ethereum Strength

Let’s take a closer look at the signs that reflect current Ethereum strength.

Ethereum MVRV Momentum Flips Bullish

Crypto analyst Ali Martinez has highlighted a key shift in Ethereum’s market dynamics, noting that the MVRV (Market Value to Realized Value) ratio has transitioned from bearish to bullish territory. This development signals growing momentum in favor of Ethereum bulls, potentially setting the stage for further price gains in the near term.

Rising ETH Whale Activity

Analyst Martinez also stated that the Ethereum whale activity has shot up significantly, supporting this momentum shift. Just over the past month, ETH whales have accumulated a staggering 450,000 Ethereum, highlighting strong positive sentiment among big players.

ETH Exchange Supply Drops Significantly

Crypto analyst Ali Martinez reports that nearly 1 million Ethereum (ETH) has been withdrawn from exchanges since April, according to exchange data. This significant outflow indicates reduced selling pressure while bolstering Ethereum price stability and supporting bullish market momentum.

ETH Pricing Band Shows Strength

Based on pricing bands, Ethereum (ETH) could target $3,000 and potentially $4,000 if it maintains support above $2,200. This level serves as a critical foundation for building bullish momentum in the market.

Additionally, Ethereum co-founder Vitalik Buterin has shared plans to scale the blockchain network. Buterin emphasizes the need to enhance Layer 1 (L1) scaling while maintaining accessibility for personal node operators. His proposed roadmap includes key advancements such as EIP-4444, distributed history storage, stateless verification, and the development of lightweight “partially stateless nodes” to improve network efficiency without sacrificing decentralization.

ETH Price Action From Here Onwards

Amid the growing strength of on-chain metrics and strong trading volumes, calls for $10K ETH price have been on the rise recently. Additionally, Ethereum has formed a golden cross on the technical chart as its short-term moving average crosses above a long-term moving average, indicating a strong bullish signal ahead.

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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Author
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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