Ethereum is showing signs of emerging from recent stagnation, gearing up for a potential bull rally. ETH has seen a 20% surge over the past two weeks, indicating renewed investor interest.
Key Trends Reinforcing Ethereum's Potential
Market analysts have identified key trends reinforcing Ethereum's potential for sustained growth. CryptoQuant analyst theKriptolik noted the enduring appeal of ETH to major investors despite current lower price levels compared to previous highs. The significant decrease in the ETH Exchange Supply Ratio to levels last seen in 2016 suggests assets are moving off exchanges for long-term holding.
Metrics Signal Growing Momentum for Ethereum
Analysis of Ethereum's broader metrics provides further insights into its performance and investor behavior. A key indicator is the growth in Ethereum's active addresses, often linked with retail investor interest. According to Glassnode, the number of active Ethereum addresses has steadily risen to 531,000 as of November 28. This trend indicates increased network activity, typically correlating with increased demand and potential price appreciation.
Whale Activity and Its Market Impact
Another significant metric is the activity of Ethereum whales—investors conducting transactions exceeding $100,000. Data from IntoTheBlock shows that the number of whale transactions peaked at 11,210 earlier this month. Despite a slight decline to 7,410 transactions as of November 28, the sustained activity of large-scale investors suggests continued interest and confidence in Ethereum's long-term value proposition.
Ethereum's 20% growth over the last two weeks, supported by active and whale transaction metrics, indicates significant investor interest and expected bullish potential. Long-term trends and fundamentals strengthen Ethereum's position as a safe-haven asset.
