Ethereum's on-chain data shows a recent spike in transaction volume and whale transfer counts, indicating increased network activity. This trend generally precedes price rallies, suggesting Ethereum could see further gains. Both small and large investors, including entities moving over $100,000, are contributing to this activity, hinting at accumulation.
Historically, rallies without corresponding increases in transaction volume often fizzle out. Current data from Santiment suggests Ethereum's recent price surge, breaking above $3,150, may be sustainable due to high transaction activity. While investor intentions remain unclear, the metrics imply significant interest in the asset.
Additionally, analytics suggest profits from Bitcoin's bull run could be accelerating rotational investments into Ethereum, potentially driving it toward all-time highs. With healthy network activity, Ethereum appears poised for further exploration of new price levels, fueled by both retail and whale investors.
