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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.
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.
📈 Ethereum has shown mild signs of a rebound, currently back up to a market value of $2,745 and outpacing most altcoins to start the week. From a long-term perspective, $ETH continues to move off of exchanges and into cold wallets at a shocking pace, with just 6.38% of the… pic.twitter.com/4MTJgpOLDT
— Santiment (@santimentfeed) February 17, 2025
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.
Coming out of what may have only been a massive bottoming/consolidation, $ETH could be setting up here for an over +72.1% surge in a recovery back to its ATH areas!
Ethereum could still have a major upside coming, and this could also aid alts into significant bull moves as well. https://t.co/yKb13rWh99 pic.twitter.com/6fLTjolHQ0
— JAVON⚡️MARKS (@JavonTM1) February 17, 2025
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.
Featured image created with DALL-E, Chart from TradingView