Ethereum Price Remains Above Key Level, Bull Market May Follow

Although the SEC recently approved spot Ethereum ETFs, the price of Ethereum has fallen short of expectations.

Investor optimism for a price surge has faded due to significant declines in ETH over recent months. However, a CryptoQuant analyst has provided a much-anticipated analysis on the situation.

The analyst highlighted that despite Ethereum’s steep decline over the past five months, its current market price is still above the realized price.

According to the analyst, ETH’s ability to stay above the realized price suggests an ongoing upward trend, which could indicate the start of an altcoin bull market.

“Ethereum has maintained its realized price level despite the sharp decline in recent months, acting as support for ETH. Historically, altcoin bull markets have begun when Ethereum held strong above its realized price,” the analyst explained.