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Is Ethereum Quietly Building Momentum for a Rally? Analysts Weigh In

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Ethereum’s recent price performance indicates a departure from the negative trends that are seen in the broader cryptocurrency market.

While assets such as Bitcoin have faced downward pressure, Ethereum managed a slight positive move yesterday, pushing its market value back above $2,700. Amid this price move, questions have been raised about whether the asset might be quietly building momentum for a sudden rally.

Quiet Moves Behind The Scenes

Santiment, a well-regarded market intelligence platform has recently highlighted this price performance from ETH on X, noting that Ethereum has outpaced many altcoins at the start of the week.

This performance as reported by Santiment may be attributed to the ongoing trend of ETH moving from exchanges into cold wallets at an accelerating rate.

Ethereum sees dropping exchange supply and increased crowd attention.

In fact, only 6.38% of the available supply remains on exchanges, the lowest figure since Ethereum’s inception, according to Santiment. Santiment also revealed that renewed interest from the ETH community appears to be another factor behind this momentum.

Having underperformed compared to other large-cap assets throughout 2024, Ethereum is now drawing attention as market participants begin anticipating a rebound when broader market conditions improve.

Santiment’s analysis points to these movements as early indicators that Ethereum may be positioned for more sustained growth in the coming months.

A Potential Upside for Ethereum and Altcoins

Looking ahead, various market analysts have shared optimistic outlooks for Ethereum’s performance. Javon Marks, for example, sees ETH emerging from a lengthy consolidation phase.

According to Marks, the asset could potentially recover over 72% from its current levels, returning to its all-time high zones. Such a move might also spark significant bullish momentum for other altcoins, further enhancing Ethereum’s role as an altcoin market leader.

Another perspective comes from crypto analyst Ali, who identified a crucial support level at $2,425. This level is noteworthy as it represents the accumulation zone for 10.33 million wallets holding a total of 62.43 million ETH.

Ethereum (ETH) price chart on TradingView

Featured image created with DALL-E, Chart from TradingView

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