Ethereum

Based

bullish

2024

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According to pseudonymous CryptoQuant contributor Crypto SunMoon, Ethereum, the second-largest cryptocurrency by market cap, <a href="https://x.com/cryptoquant_com/status/1829491679306375429" rel="noopener noreferrer nofollow">remains</a> in a bullish trend.&nbsp;
As noted by the analyst, the chief altcoin is yet to lose its key realized price level despite a significant correction over the past few months.&nbsp;
Based on historical price data, altcoins tend to be in a bull market trend when Ethereum is stronger than its realized price.&nbsp;
The leading altcoin reached its current 2024 peak of $4,065 on March 4, falling short of reaching a new all-time high. Ethereum is currently down nearly 40% from the aforementioned peak.&nbsp;
Notably, Ethereum managed to briefly touch the $4,000 level on the Binance exchange following the unexpected approval of several Ethereum-based exchange-traded funds.&nbsp;
This exuberance did not last long. The Ethereum price ended up collapsing below the $3,000 level in early July. Ethereum ETFs finally went live later that month after the approval process was finalized. Their much-hyped debut did not end up being the bullish catalyst that the chief altcoin desperately needed. Ethereum ETFs started recording negative flows on the second day of trading.
As&nbsp;<a href="https://u.today/jpmorgan-pans-ethereum-etfs" rel="noopener noreferrer nofollow">reported by U.Today</a>, banking behemoth JPMorgan recently commented that the outflows recorded by Ethereum ETFs were higher than expected due to Grayscale's ETHE.&nbsp;
Despite the lack of an obvious bullish catalyst and the underwhelming performance of ETFs, Ethereum's bullish structure appears to be intact.
The leading altcoin is currently changing hands at $2,451, according to CoinGecko data.&nbsp;

Key Reason Why Ethereum Remains in Bullish Trend Explained by Analyst

U_Today

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