• Ethereum surged 44% in a week to $2,600 after the Petra upgrade cut supply.
• Realized price of $1,900 has been cleared, putting long-term holders into profit zone.
• Over 98,000 ETH flowed into Binance while USDT withdrawals raise short-term liquidity concerns.

Ethereum has recently climbed above its realized price of $1,900, a level that reflects the average purchase price of all coins in circulation. This move signals a shift in market sentiment, with long-term holders now in profit and a clear tilt toward bullish behavior.

The recent price jump was not only technical but also tied to an actual upgrade in the network. The Ethereum blockchain underwent the Petra upgrade, which helped drive its value to a peak of $2,600—marking a 44% rise in just a week. The upgrade introduced mechanisms that reduce ETH supply through increased burning, which in turn creates scarcity and boosts market confidence.

CryptoQuant’s analyst known as Crazzyblockk highlighted this upward momentum, explaining that Ethereum’s price now sits firmly above the realized price for accumulating addresses, especially those tracked on Binance. These are users who frequently deposit ETH or hold it long-term, indicating strong support from committed investors.

While the rally began around mid-April, it’s only in the past week that Ethereum crossed above the $1,900 line. This level is significant because it means those holding ETH long-term are no longer under water. Instead, they are in profit, and that tends to encourage further investment rather than selling.

Supporting this trend, Binance has seen consistent ETH outflows, which means more traders are moving ETH out of the exchange rather than selling it. This behavior often suggests users are holding ETH with confidence instead of preparing to sell in the short term.

These developments suggest the Ethereum market can handle profit-taking without losing momentum. The ability to stay above realized price during high-volume periods is usually a sign of ongoing strength, and right now, that’s what Ethereum is showing.

However, this bullish picture has its caveats. Another CryptoQuant analyst Amr Taha flagged significant stablecoin activity that may affect the broader trend. In his post titled “Binance’s Liquidity Shuffle: Tether Is Exiting Binance While Ethereum Pours In”, he noted three straight days of heavy USDT withdrawals from Binance.

Charts showing red bars and triangle icons reflect this stablecoin outflow, just as Bitcoin tested local highs. The departure of USDT—used by many for quick trades—suggests some traders are either locking in profits or waiting for better entry points. It also hints at reduced buying power in the short term, unless USDT comes back into exchanges.

Meanwhile, ETH inflows into Binance have been rising. Over two days, more than 98,000 ETH moved into the platform, one of the biggest inflows in recent weeks. This increase in ETH supply on Binance could bring some selling pressure, especially if the current price around $2,500 starts to slip.

This surge in ETH supply on Binance, combined with the exit of stablecoin liquidity, may create an unfavorable environment for further upside unless new capital enters the market,” Taha noted.

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