Ethereum may have lagged behind its peer altcoins this bull season, but its rebound has been swift. Over the past week, ETH has climbed by nearly 10%, pushing its price above $3,600.
In fact, LunarCrush’s latest analysis indicates that Ethereum is displaying “ultra strong” activity and even outshining numerous other assets in the market.
Renewed Interest Sweeps Ethereum
Ethereum even managed to secure 64th position in LunarCrush AltRank in terms of average social and market activity on Monday.
Subsequently, Ethereum’s social activity surged alongside price appreciation, leading to a significantly higher AltRank of 10 as the day progressed, according to the data provided by the crypto analytics platform.
Currently, Ethereum’s momentum continues to surge, with social activity intensifying even further, accompanied by strong price movements and increased market volume, resulting in an impressive AltRank of 8, indicating renewed interest in the network.
There are several factors at play for the renewed interest in Ethereum. Santiment’s latest findings, for one, revealed a surge in attention due to the increased focus on ERC20-based non-fungible tokens (NFTs), marking a notable resurgence.
Discussions include Ethereum’s potential growth, network congestion, and gas fees. Moreover, Canada’s approval of the world’s first Ether-staking ETF also appears to have added to Ethereum’s momentum, shaping bullish market sentiment.
Whales Inject $35.11M Into Ethereum
Whale accumulation is yet another factor that reflects optimism among market players. Spotonchain identified significant activity this week, where two whales collectively invested $35.11 million in stablecoins to purchase 10,322 ETH, which may have catalyzed the crypto-asset’s ascent above $3,400.
The first case involved eight wallets, likely representing one entity, which spent $20.86 million in USDT stablecoin to acquire 6,145 ETH at approximately $3,395. The second whale poured in $14.25 million in DAI to buy 4,178 ETH at around $3,410 during the same period.
On-chain analyst Leon Waidmann drew attention to Ethereum’s imminent supply squeeze, predicting that the crypto asset is likely to outperform Bitcoin, Solana, and other Layer 1 networks.