Ethereum (ETH) has received a lot of bashing due to its stagnation in prices. The asset has been moving slowly over the past few years. The world’s largest Altcoin hit a record high of $4,891.70 about four years ago. The asset has not been able to recover this peak ever since. Since its launch in 2015, despite a growth rate of 90313.41%, ETH has not been able to produce any loud noise. However, investors could be treated as the network records an increase in bullish activity.
Is Ethereum kickstarting its bullish phase?
Ethereum has appeared as a top performer for the past month. Assets have skyrocketed at a notable 55% over the past 30 days. At the time of writing, ETH was trading at $2,560.16. This occurs after a 1.17% increase in the last 24 hours.
May is very eventful for the second largest cryptocurrency. The Ethereum Network has witnessed a major change in trends. X’s thread by analyst Ali Martinez highlights how Ethereum moved through the recovery phase.
Reports show that Altcoin went from bearish to bullish, starting with the MVRV ratio. Martinez noted that this clearly shows that the Ethereum bull is currently at the pace.
Another bullish indicator is the rise in whales’ activity in the Ethereum network. Martinez noted that this change in momentum is supported by the activity of whales. Last month, large investors accumulated over 450,000 Ethereum.
Finally, it was revealed that around 1 million ETs have withdrawn from exchanges. This was done last month. Reports say this is a sign of bullishness as this reduces sales pressure on the network.
Among these, BlackRock purchased a large amount of Ethereum worth $45 million. This underscores the growing institutional interest in Altcoin. All of these above signs point to the bullish run of the second largest coin. $3,000 could be a notable milestone for assets, but the community is betting on ETH that will recover its peak.
