• A rare bullish Ethereum signal, last seen before the December 2023 rally, has reappeared, combining key technical and on-chain indicators.
• Whale and institutional activity on Binance has surged since May 19, suggesting early accumulation.
• Analysts believe ETH may be entering the early phase of a major rally, supported by improving sentiment and strong structural support.

Ethereum is once again under the spotlight, as a rare and historically significant on-chain signal reappears, sparking renewed optimism among investors and traders. According to respected crypto market analyst Darkfost, a unique combination of technical and behavioral market indicators has aligned, a setup that last emerged in December 2023, just before Ethereum experienced a dramatic rally from $2,200 to $4,000.

This bullish signal, which merges spot and futures order flows, cumulative trading volume trends, and critical moving averages, has historically served as a precursor to major market movements. The return of this pattern now suggests that ETH could be on the verge of a powerful upward breakout.

Since May 19, data from Binance has shown a marked increase in high-volume Ethereum transactions. These large-scale trades, often executed by institutional investors and crypto “whales,” typically occur during early accumulation phases, periods when the smart money starts entering the market in anticipation of future gains.

This wave of activity points to growing confidence among sophisticated market participants. While these trades don’t necessarily aim to capture exact bottoms, they often precede broader upward trends. Analysts suggest that this could be a signal that Ethereum is entering the early stages of a longer-term bullish phase.

Darkfost emphasizes that May could represent a critical window for Ethereum accumulation. With ETH trading in a relatively tight range and market sentiment showing signs of improvement, experienced investors appear to be taking positions quietly and strategically.

Historically, these types of low-volatility consolidation periods, especially when accompanied by strong on-chain metrics, have set the stage for significant rallies. The return of the December 2023 signal has only strengthened this thesis, fueling speculation that Ethereum may be primed for another breakout.

Currently trading near $2,510, Ethereum remains below its all-time high but is showing strong structural support on technical charts. If whale accumulation continues and sentiment strengthens further, analysts believe ETH could revisit or even surpass its previous highs in the coming months.

This rare technical signal, combined with rising institutional interest and favorable market conditions, paints a compelling picture of Ethereum’s near-term trajectory. While nothing is guaranteed in crypto markets, the data suggests a bullish narrative is taking shape, one that could see Ethereum entering the early innings of its next major rally.

Related | Ethena Debuts on TON Blockchain, Stablecoin Savings Reach 1 Billion Users