After years of doubts and concerns, is it finally Ethereum‘s time to shine? On-chain metrics indeed point in this direction. Although, it might be too early to say anything promising.

Despite the volatility, investors of ETH have continued to accumulate, according to data provided bySantiment. In fact, at the time of writing, the top 10 whale addresses were holding 4.3% more of the total supply than they did one year ago. Moreover, according to the data, the 23.7% of all $ETH held by these wallets remain very close to the 5-year high levels that it first breached in late January.

Source: Santiment

This indicates that major Ethereum addresses are still accumulating ETH in the market despite the cryptocurrency’s subdued performance.

Besides the increase in the number of long-term investors, there are important developments- the ETH/BTC graph below showcased a bullish scenario. In fact, Ethereum began to gain ground, breaking out of the long-term BTC dominance period that started in November 2021.

Source:Twitter

The turnaround in Ether price over the past couple of weeks was succinctly addressed by crypto analyst Justin Bennett, who posted the following chart highlighting the trend reversal.

<p lang=«en» dir=«ltr» xml:lang=«en»>$ETH first higher high since early Nov. 2021.

Probably nothing.#Ethereum pic.twitter.com/3qqFaV7iUn

— Justin Bennett