Although impressive gains have been made, analysts at CryptoQuant warn that poor network activity on the Ethereum blockchain implies a recovery to former all-time highs is not around the corner.
However, market watchers such as March Zheng of Bizantine Capital note that Ethereum has historically been the primary on-chain gauge for risk-on appetite, with large spikes historically preceding broader altcoin rallies. The momentum of the cryptocurrency is not just a turnaround, ETH is still down almost 50% since the 2024 peak.