Ethereum has hit a fresh local high of $3,219, marking an impressive 35% gain since last Monday. This rapid growth has sparked sturdy optimism among analysts and investors, who now see Ethereum as poised for further gains as it begins to show strength against Bitcoin. The rally reflects renewed confidence in ETH’s potential, especially as key stakeholders raise their activity.

Key data from Santiment supports this bullish outlook, highlighting significant growth in whale trading. Increased activity among vast ETH holders often signals accumulation, suggesting that influential players see the potential for Ethereum to continue growing. This raise in whale trading is typically viewed as a precursor to further price appreciation as it indicates continued interest from high-volume investors.

As ETH continues to rise, analysts are closely watching its performance relative to Bitcoin, noting that Ethereum’s recent momentum could indicate the beginning of a more sustained uptrend.

Ethereum bull phase begins

Ethereum has officially entered the bullish phase after decisively breaking key resistance levels and establishing a positive price structure. Santiment’s latest data confirms this upward trendas Ethereum is currently showing sturdy growth rates that suggest there could be further gains in the future.

Whale’s transaction data shows a significant raise in activity among key stakeholders – wallets containing significant amounts of ETH – who have actively contributed to Ethereum reaching its highest price in over 14 weeks.

In addition to the increased whale activity, Ethereum transaction volume has increased, reaching as much as $10.4 billion in the last few days. This surge in volume is an encouraging sign of growing demand and continued interest in ETH at current levels. Large trades often signal confidence among institutional players and high-net-worth investors, reinforcing bullish sentiment around Ethereum as they raise their holdings.

Santiment analysts suggest that Bitcoin’s performance during this bull market could serve as a catalyst for Ethereum, with profits likely to be redistributed from BTC to ETH as market participants diversify into top altcoins. This momentum has historically benefited Ethereum during sturdy market cycles, potentially setting the stage for ETH to return to its previous record high.

Additionally, Ethereum’s network activity appears solid, which is another key indicator of sustained growth potential. With increased stakeholder participation, high transaction volume, and a well network, Ethereum appears well-positioned to continue growing in the current bullish environment.

ETH testing fresh supply

Ethereum (ETH) is currently trading at $3,170, showing strength after an aggressive move above the 200-day moving average (MA) at $2,955. This break above the long-term resistance level signals that the bulls are now firmly in control as ETH reaches fresh supply zones. Maintaining above the 200-day MA is a positive indicator that the bullish trend is continuing, as this level often supports price action when breached in an up move.

If ETH experiences a pullback, a return to the 200-day MA near $2,955 would represent a solid pullback, potentially setting the stage for further gains. Consolidation at or near this level would likely attract more demand, supporting a continuation of the uptrend.

However, the current sturdy price action combined with fresh demand emerging in the market could push Ethereum even higher without a significant pullback. The momentum that ETH is currently building may facilitate it break through subsequent supply levels in the near future, heading towards higher goals. For now, Ethereum’s upward trajectory is supported by solid technical levels and a market environment that is increasingly favorable for further gains.

Featured image from Dall-E, chart from TradingView