Ethereum Gains 16.70% in Week, Bullish Factors Drive Price Recovery

Ethereum (ETH) began the year with a price of $3,353, but faced a downward trajectory, dropping to as low as $1,500. Despite this, the asset showed signs of recovery in May and June, although it struggled to break the $3,000 price mark. However, recent bullish factors suggest that ETH is poised to retest its previous all-time high of $4,891.

On-chain activities and institutional investor movements have been notably bullish. Ethereum’s on-chain metrics remain promising, with daily transactions reaching 1.4 million and daily addresses crossing 367,000. More than 30% of Ethereum’s supply has been locked in staking, indicating a rise in users’ interest and growing demand for the network.

The adoption of Ethereum ETFs further solidifies the bullish outlook for Ether. According to data, net inflows for global Ethereum-based investment assets recorded $226.4 million, marking two consecutive weeks of positive inflows for Ethereum products. This shift in investor sentiment highlights a growing favor towards Ethereum.

At the time of reporting, ETH is trading at $2,930, with gains from the past 7 days reaching 16.70%. These factors collectively validate a strong bullish outlook for Ethereum, suggesting that the asset is on its way to retesting its previous all-time high.