Ethereum’s Next Leg Higher? Historic Indicator and Whale Activity Align
Ethereum has climbed by 16% over the past month and is now showing a technical setup that has historically been followed by strong price recoveries, according to crypto analyst Ali Martinez.
He found that ETH’s MVRV ratio is nearing a bullish crossover above its 160-day simple moving average (SMA).
Recovery Hints
The MVRV Momentum measures the relationship between aggregate holder profitability and its medium-term trend line. Martinez explained that when the daily MVRV ratio moves back above the 160-day SMA, it indicates a shift out of capitulation and the beginning of a fresh accumulation phase. Interestingly, this is the first time the setup has emerged in 2026.
Over the past three years, crossovers above this level have consistently marked the end of distribution periods and preceded major rebounds in ETH’s price.
At the same time, large investors continue adding to their holdings. According to Lookonchain, an anonymous whale purchased 27,000 ETH worth $52.03 million through Galaxy Digital’s over-the-counter (OTC) desk after remaining inactive for three months.
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