Ethereum Surges 37.14% to $2,600 on Petra Network Upgrade

Ethereum has experienced a significant price surge in the past week, with prices gaining by 37.14% to reach a local peak of $2,600. This rally is largely attributed to the recent Petra network upgrade of the Ethereum blockchain, which aims to introduce several features, including boosting the ETH burn rate and increasing market scarcity.

Amidst this rally, Ethereum has recorded a significant development that signals long-term bullish market sentiment. The realized price in the crypto market refers to the average acquisition price of all circulating tokens. It is a key indicator of market sentiment, as a trading price below the realized price signals a bearish market because investors are holding a loss. Conversely, a trading price above the realized price indicates a bullish market.

According to an analysis by CryptoQuant expert Crazzyblockk, Ethereum is currently trading above its realized price of $1,900. This development is based on market activity for accumulating addresses, which include long-term holders and frequent depositors on the Binance exchange. This price rise above $1,900 proclaims a loud bullish signal, as long-term holders are now in profits, indicating renewed confidence in ETH’s long-term value.

This confidence is further reflected in the fact that most recent ETH outflows are moving from Binance, the most active crypto exchange for ETH trading. When Binance ETH deposit addresses show profitability with the current ETH price above the realized price, it indicates a general increase in traders’ confidence and stronger market activity. Moreover, the price rise above $1,900 shows a sustained bullish momentum, indicating that the market can absorb profit-taking without breaking the current uptrend.

Based on the presented analysis, Crazzyblockk further concludes that Binance boasts the most active ETH trading community in the crypto space. This is indicated by the massive ETH outflows on the exchange, suggesting high market activity on the exchange during price appreciation. The analyst further tipped the exchange to maintain this dominance as traders will always use the most liquid exchange to manage their positions, either for accumulation or for profit-taking.

At the time of writing, Ethereum trades at $2,525, reflecting a 5.88% gain in the past day. The asset’s next resistance remains at $2,600 following a recent rejection in the past few hours. If the altcoin can successfully move past this barrier, a potential upswing to $2,800 lies ahead.