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Popular on-chain data aggregator Glassnode has published a report about the recent price behavior of the second-largest cryptocurrency in terms of market capitalization value, Ethereum.
Glassnode has spotted a major bullish sign logged by ETH and named a key price level to watch for traders.
ETH shows bullish sign, here's what level to watch
Glassnode’s report pointed out that after Ethereum recovered the Realized Price level at $1,900 in May, which means that average holders are now back in profit. It happened after ETH unrealized profits switched to the level where this indicator “provides meaningful financial relief for many holders, signaling a bullish outlook.”
After that, as May rolled on, Ethereum surpassed the $2,400 mark, the true market mean. The overtaking of this level by ETH indicates large inflows of fresh funds into ETH triggered by the Pectra upgrade implemented on May 7. Petra’s goal was to consolidate the validator set and improve overall Ethereum network efficiency, including cost-cutting on gas fees and targeting the congestion issue that often hits Ethereum.
As part of these inflows, large investments into spot Ethereum exchange-traded funds were noticed. Over the past five weeks, these ETFs recorded almost $6.6 billion worth of inflows.
Glassnode referred to this price move as “a bullish sign.” After this, the key level to watch is $2,900, as it “remains key for further confidence” and will confirm sustained bullish momentum. Within just a few weeks, the Ethereum price rallied from $1,800 to $2,700, signifying a 50% price surge. As it moved up, it once demonstrated a 21% daily price jump, which is the highest since 2021, according to Glassnode.
Ethereum boasts 21 achievements on its network by top platforms
Earlier this week, the official X account of Ethereum published a tweet that enumerated 21 important milestones that were achieved on the network by top altcoin platforms running on ETH.
The first one on the list was the rollout of the Pectra upgrade on Ethereum. It was followed by Stripe launching its stablecoin financial accounts. Now, thanks to this, Stripe has accounts in more than 101 countries, where users can hold, receive and send stablecoins using Ethereum.
The tweet also mentioned the major Uniswap DEX reaching a whopping $3 trillion in all-time swap volume. Thanks to Superstate announcing Opening Bell, companies can now issue public equities on Ethereum.
Vladislav Sopov
U.Today Editorial Team