A few days ago, Ethereum (ETH) exceeding 3000 dollars gave hope for bull season with whale activities.

The activity of Ethereum whales reached its highest level in 14 weeks, attracting attention. Last week, the number of transactions exceeding 1 million dollars rose to 8,482, indicating a record level since August. In addition, whale transaction volume exceeded 10.4 billion dollars, demonstrating the impact of large wallet holders on the ETH price.

Transitions from Bitcoin to Ethereum may increase

Onchain analysis firm Santiment stated, "Profits gained in Bitcoin can shift to Ethereum in this bull market, which can lead ETH to approach ATH. The activity on the network looks quite healthy."

The macro trend of Ethereum is correlated with the 'Liveliness' metric, which tracks the behaviors of long-term investors. When the Liveliness metric increases, it indicates that long-term investors are turning to cash, while a decrease indicates accumulation. The recent increase in Liveliness suggests that some long-term investors have made significant profits from ETH and that the rally may slow down if selling increases.

Long-term ETH investors maintaining their positions instead of selling will provide further support for the uptrend, as sales provide liquidity while also posing downward pressure on the price. Therefore, the Liveliness metric emerges as a significant indicator of whether long-term investors will support or hinder the rise of ETH.

As of the writing of the news, ETH, trading at 3140 dollars, may target the peak if it closes weekly above 3500 dollars. However, an increase in Bitcoin dominance or ETH's inability to hold above this level may bring a decline towards 2750 dollars.

This article does not contain any investment advice or recommendation. Every investment and trading action involves risk and readers should conduct their own research when making decisions.