Ethereum rose back above $2,000 on Thursday, trading around $2,054 after gaining roughly 8% in a broader crypto market rebound that began midweek.
Onchain data indicates renewed whale accumulation, including a $14.57 million purchase of 7,008 ETH by address 0xAb59 at an average price of $2,079, alongside a 20,000 ETH withdrawal worth $38.25 million from Binance and Deribit by address 0x166f.
“Most of the moments when the ETH Coinbase premium turned positive were followed by an upward trend. And now, the Coinbase premium has risen to 0. We’ve reached a critical turning point,”
An analyst wrote.
The Ethereum Coinbase Premium Index, which measures the price difference between Coinbase and Binance, moved above zero for the first time since early January, typically interpreted as stronger buying pressure from US-based investors.
Santiment data shows Ethereum’s 30-day Market Value to Realised Value ratio has shifted from a deeply undervalued zone to around -5.5%, suggesting the market is rebalancing after a prolonged period of price weakness.
Derivatives traders have also benefited from the move, with data from OnchainLens indicating that trader Machi’s 25x leveraged ETH long position returned to profit by more than $760,000.
Despite the renewed accumulation and improving US premium signals, sustainability of the rally will likely depend on whether institutional demand continues and broader market conditions remain supportive.
At the time of reporting, Ethereum price was $2,070.60.