In the last fortnight, Ethereum’s price has exhibited a downward trajectory, raising concerns about the potential for an extended correction. However, data from a recent on-chain analysis indicate that the long-term bullish case for Ethereum remains quite strong. In a recent post, crypto analyst emphasises a convergence of on-chain signals indicating robust confidence among Ethereum long-term traders. First, the market analyst observes that the Staked Amount metric, which started to increase in 2023, has achieved an all-time high in early 2026. This indicates a notable increase in the quantity of staked ETH, suggesting that a substantial and expanding segment of Ethereum’s circulating supply is being withdrawn from active market circulation. Consequently, this diminishes the quantity of ETH that is accessible for sale.
At the same time, the MVRV metric indicates that the Ethereum market continues to exhibit signs of health, even in light of recent corrections. Analyst notes that although a significant number of ETH holders are currently experiencing profits, the MVRV metric has not yet approached the historically overheated zones typically seen at the peaks of market cycles. Interestingly, the activity of Binance depositors has not been increasing in tandem with the amount of staked ETH. When there is an increase in depositor activity, it is frequently viewed as an indicator of potential short-term selling pressure. This occurs as investors primarily transfer ETH to Binance in anticipation of selling or realising profits. While there has been an increase in depositor activity, analyst observes that this is ultimately inconsequential in the long run.
Staked ETH is experiencing a steady and even more aggressive climb compared to the amounts noted in Binance deposits. In straightforward terms, this indicates that although short-term investors are preparing to sell Ethereum, long-term holders are effectively removing Ethereum from circulation and engaging in staking activities. PelinayPA explains that this kind of divergence often indicates a potential supply squeeze that may unfold over the medium to long term. Finally, the analyst reveals that Ethereum’s Realised Cap has also continued to climb. According to the analyst, this indicates that capital continues to flow into the Ethereum market.
Interestingly, analyst notes that this type of structure is characteristic of late bull cycles rather than bearish markets. Hence, the Ethereum market is currently experiencing a robust upward trend, with the potential for intermittent corrections. According to analyst, these pullbacks are likely to present buying opportunities, provided that the Binance depositor activity metric has not experienced any sudden spikes. As of press time, Ethereum is priced at $2,113, indicating a 2.26% increase over the last 24 hours, based on data.