Ethereum is showing renewed strength as both technical and on-chain indicators align for a potential breakout. One big reason for this optimism is the jump in Ethereum’s Realized Cap since the Pectra upgrade went live earlier this month; this key metric surged by $3.8 billion.
Data from Glassnode (also highlighted on their X account) shows the Realized Cap rose from $240.8 billion on May 7 to $244.6 billion by May 19, a notable 1.6% increase. Importantly, this rise also breaks a three-month downtrend that began in February. Such a shift in market momentum often indicates fresh capital is flowing back into Ethereum, which reinforces its long-term value picture.
Since the #Pectra upgrade, #ETH’s Realized Cap – representing the total capital stored in the asset – has surged from $240.8B (May 7) to $244.6B (May 19).
That’s a +$3.8B (+1.6%) rise, reversing a 3-month downtrend since early February. pic.twitter.com/5qlbLGyIJ8— glassnode (@glassnode) May 20, 2025
ETH Supply on Exchanges Plunges to Historic Low, Santiment Reports
A critical on-chain development is Ethereum’s declining exchange supply. According to analytics firm Santiment, less than 4.9% of the total ETH supply is currently on centralized exchanges. This is the lowest in Ethereum’s ten-year history and signals increased investor confidence in holding rather than selling.
Similarly, Bitcoin’s exchange supply has fallen to 7.1%, the lowest since November 2018. Over the past five years, 1.7 million BTC and 15.3 million ETH have left exchanges, suggesting a macro trend toward self-custody and long-term holding.
Abraxas Capital Ramps Up ETH Buying, Adds 46K ETH Worth $115 Million
Moreover, Lookonchain data reveals that Abraxas Capital resumed aggressive accumulation after a short pause. The firm added 46,295 ETH worth $115.3 million recently. Since May 7, Abraxas has acquired 350,703 ETH for $837 million at an average price of $2,386.
After a 3-day break, Abraxas Capital accumulated 46,295 $ETH($115.3M) again.
Since May 7, Abraxas Capital has accumulated 350,703 $ETH($837M) at an average price of $2,386, with an unrealized profit of $50M.https://t.co/vZTxLPd2zqhttps://t.co/RsUi9BoVda pic.twitter.com/ZVQW0FMyZg
— Lookonchain (@lookonchain) May 20, 2025
With ETH now trading at $2,487, the firm holds an estimated $50 million in unrealized profits. This level of institutional buying further validates the growing bullish sentiment in the market.
Related: Ethereum (ETH) Shows “Golden Cross”; Analysts See $3,000 Price Target
Ethereum Golden Cross Forms; Analyst Eyes Rally, Targets $3.8K-$5K
Technical indicators are also flashing green. Crypto analyst Crypto Patel highlighted a Golden Cross on the 12-hour Ethereum chart. The 50 EMA has crossed above the 200 EMA, a pattern typically viewed as bullish after a prolonged downtrend.
The last time Ethereum experienced a Death Cross, it plunged 57%. Hence, this opposite crossover may signal the beginning of a significant rally.
Source: X
Related: Is Ethereum Below $2,400 a “Steal”? Analyst Predicts Surge Toward All-Time High
Support is holding firm around $2,200, while resistance appears near $2,800. If momentum continues, Ethereum could target levels between $3,800 and $5,000 in the coming weeks. The price of ETH as of press time sits at $2,487.33 with a 24-hour gain of 3.58%, despite a slight 1% decline over the past week.
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