rewrite this title Is Ethereum Price Gearing Up For A Monster Rally? ETH Up 80% The Last Time This Happened | Bitcoinist.com

The Ethereum price has slowed down — repeatedly failing to breach the resistance zone around $2,800 — over the past few weeks after making a strong start to the month of May. The second-largest cryptocurrency will aim to replicate this brilliant form in the early days of June in order to reclaim the coveted $3,000 level over the coming months.

Since losing the $3,000 level in early February, the price of ETH has struggled to build a sustained bullish momentum, reaching only above $2,700 multiple times in the past few weeks. However, recent market data shows that the Ethereum price could be preparing for an extended rally over the next few months.

What Do Ether Whales Know?

In a May 31 post on the social media platform X, pseudonymous crypto analyst Darkfost provided an on-chain outlook on the Ethereum price momentum and investor sentiment. According to the market analyst, an on-chain signal that preceded a significant price rally for ETH in the past has gone off.

The relevant indicator here is Ethereum’s Average Order Size on Binance, which is calculated by dividing the total trading volume by the number of trades on the world’s largest cryptocurrency exchange (by trading volume). This metric offers insights into the classes of traders — whether it is large institutional investors or retail traders —  that are most dominant on a specific exchange.

Based on this on-chain metric, the Ethereum large investors are once again back in the market, as shown by the whale orders on Binance since May 19. Darkfost said the chart below provides “an instant snapshot of Ethereum’s sentiment and momentum on Binance, while combining key market data on spot and futures activity, cumulative volumes, with moving averages comparison.”

Source: @Darkfost_Coc on X

The on-chain analyst added:

In short, it’s an all-in-one signal, and today, it’s flashing something rare and powerful because the last time this indicator lit up like this was in December 2023, right before ETH rocketed from $ 2,200 to $ 4,000.

Darkfost also mentioned that whales aren’t always trying to find a low entry point, but rather position themselves early when a broader trend begins to show signs of strength. With the average orders on Binance predominantly placed by whales, it implies that the Ethereum price could be gearing up for another 80% move over the next few weeks.

Hence, Darkfost believes the month of May might have been a huge entry window, which most of the large investors seemingly took advantage of.

Ethereum Price At A Glance

As of this writing, the price of Ethereum stands at around $2,537, reflecting a 0.5% increase in the past 24 hours.

The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView

Featured image from iStock, chart from TradingView

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