Recent data from leading analytical platform Santiment highlights a significant rebound in the price of Ethereum (ETH) yesterday, surpassing the $3,600 mark. This increase is noteworthy given the recent challenges faced by this major crypto, including a sharp 25 percent price decline between March 11 and 19.

Despite fluctuations, Ethereum has shown remarkable resilience, demonstrating strong performance indicators indicating bullish prospects for this altcoin.

One key factor contributing to Ethereum's optimistic trajectory is the increase in the number of ETH addresses holding coins. This figure has reached an all-time high of 118,230, indicating growing interest and investment in Ethereum. The surge in active addresses not only signifies higher investor engagement but also reflects the increasing utility and adoption of the Ethereum network, crucial for its long-term sustainability and growth.

Furthermore, Ethereum's market sentiment has been reinforced by the medium-term market value-to-realized value (MVRV) ratio, which has shown subtle yet promising bullish signals. This ratio is useful for measuring price movement potential and understanding trader behavior, offering insights into future market trends.

A healthy MVRV ratio indicates that the asset is undervalued and may be poised for a price increase, contributing to positive market sentiment. Analyzing the 30-day MVRV trend for Ethereum reveals an interesting pattern where the ratio plunges into negative territory, historically signaling a potential imminent price spike. This trend serves as a beacon for investors, indicating that Ethereum may be undervalued and that a corrective price increase could soon occur. Such insights are valuable for making informed investment decisions and anticipating market movements.

Although trading over 30% below its all-time high of $4,868, Ethereum's on-chain activity tells a story of strong engagement and enthusiasm. The increase in non-zero active addresses is evidence of the growing usage and utility of the Ethereum network. On-chain metrics like these often precede significant price movements, providing early signals for shifts in market dynamics.

In the broader context of the crypto market, Ethereum's performance is highly significant compared to Bitcoin. While Bitcoin has surpassed its previous all-time high in the current cycle, Ethereum's journey towards its peak is eagerly anticipated. This comparison highlights the unique position Ethereum holds in the altcoin market, with different challenges and opportunities.