The Ethereum (ETH) underwent a lot of bashing due to its stagnant price. The asset was seen moving slowly over the past couple of years. The world’s largest altcoin hit an all-time high of $4,891.70 about four years ago. The asset has failed to reclaim this peak ever since. Despite a growth rate of 90313.41% since its launch in 2015, ETH has failed to make big noise. But investors could be in for a treat as the network was recording increased bullish activities.
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Is Ethereum Kickstarting Its Bullish Phase?
Ethereum emerged as a top performer throughout the past month. The asset surged by a notable 55% during the last 30 days. At the time of writing, ETH was trading at $2,560.16. This comes after a 1.17% rise during the last 24 hours.
May has been quite eventful for the second-largest cryptocurrency. The Ethereum network witnessed a massive shift in trend. A thread on X by analyst Ali Martinez highlights how Ethereum was moving past its recovery phase.
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According to reports, the altcoin has changed from being bearish to bullish, starting with the MVRV Ratio. Martinez noted that this is a clear indication that the Ethereum bulls are now gaining pace.
Another bullish indicator is the rising whale activity in the Ethereum network. Martinez noted that this momentum change is supported by whale activity. Large investors have amassed over 450,000 Ethereum in the last month.
Lastly, it was brought to light that about 1 million ETH were withdrawn from exchanges. This took place during the past month. According to reports, this is a bullish sign as it reduces the selling pressure on the network.
Amidst this, BlackRock made a massive purchase of $45 million worth of Ethereum. This highlights the increasing institutional interest in the altcoin. All these above signs point towards a bullish run for the second-largest coin. While $3,000 could be a prominent milestone for the asset, the community is betting on ETH reclaiming its peak.
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