- Ethereum has surged nearly 20% in two weeks, with significant accumulation from investors.
- Key indicators such as active addresses and whale transactions indicate the potential for price increases.
Ethereum (ETH) has shown signs of emerging from its recent period of stagnation, finally preparing for what could be a significant bull rally. After months of underperformance against Bitcoin, Ethereum is currently trading at $3,558.
This follows a 20% price increase over the past two weeks, signaling renewed investor interest. Although ETH is down 1.4% over the past day, it remains above the crucial $3,500 support level, highlighting the resilience of the market.
Amid this price movement, market analysts have identified key trends that reinforce Ethereum’s potential for sustained growth. A CryptoQuant analyst known as Kriptolik has shared information that highlights ETH’s enduring appeal among mainstream investors.
Source: CryptoQuant
The analyst pointed out 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 decrease indicates that the Investors are moving their holdings off exchanges, suggesting long-term accumulation.
Even though the circulating supply has increased, the decline in ETH held on exchanges shows that investors continue to view ETH as a safe haven.
Key Indicators Signal 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 of active Ethereum addresses, a metric often associated with retail investor interest.
According to Glass knotthe number of active Ethereum addresses has increased steadily, from less than 500,000 in October to 531,000 as of November 28.
Source: Glassnode
This upward trajectory signals increased network activity, which generally correlates with increased demand and potential price appreciation.
The increase in active addresses indicates a growing number of participants engaging in the Ethereum ecosystem, whether for transactions, decentralized applications, or staking, thereby strengthening the fundamentals of the network.
Another important metric is the activity of Ethereum whales, with investors making trades exceeding $100,000. Data from IntoTheBlock reveals that the number of whale transactions reached a high of 11,210 earlier this month, reflecting increased institutional activity.
However, this figure has recently declined, with Ethereum recording 7,410 whale transactions as of November 28.
Source: In the block
Read Ethereum (ETH) Price Prediction 2024-2025
While this slight decline could indicate short-term profit-taking, sustained large-scale investor activity suggests continued interest and confidence in Ethereum’s long-term value proposition.
Typically, an increase in whale activity can lead to greater price volatility, while a reduction can signal consolidation or preparation for the next market move.
