- Ethereum bullish momentum is highlighted by a $3.8B surge in Realized Cap following the Pectra upgrade and a historic drop in ETH exchange supply.
- Institutional buying and a bullish Golden Cross signal strong market confidence, potentially driving prices towards $3.8K-$5K.
Realized Cap Rises $3.8B Post-Pectra Upgrade
Ethereum (ETH) is showing renewed bullish momentum as several on-chain and technical indicators align in its favor. Following the Pectra upgrade earlier this month, Ethereum’s Realized Capitalization — a key metric measuring the aggregate value of coins based on their last moved price — surged by $3.8 billion. According to Glassnode, Realized Cap rose from $240.8 billion on May 7 to $244.6 billion by May 19. This 1.6% increase breaks a three-month downtrend, suggesting fresh capital inflow and renewed investor confidence.
ETH Supply on Exchanges Hits Record Low
In tandem with the rising Realized Cap, the supply of ETH on centralized exchanges has dropped to a historic low of under 4.9%, according to data from Santiment. This decline reflects a growing trend of self-custody and long-term holding among investors — a sign of strong market conviction. Comparatively, Bitcoin’s exchange supply has also dipped to 7.1%, the lowest since November 2018, further reinforcing the broader shift toward decentralized storage.
Institutional Accumulation: Abraxas Capital Buys 350K+ ETH
Adding to the bullish narrative is aggressive institutional buying. Lookonchain data shows that Abraxas Capital has accumulated over 350,000 ETH since May 7, spending approximately $837 million at an average price of $2,386. Their latest purchase of 46,295 ETH — worth over $115 million — suggests continued confidence in Ethereum’s upward potential. With ETH now priced around $2,487, Abraxas holds roughly $50 million in unrealized profit.
Golden Cross Forms: Analyst Targets $3.8K to $5K
Technical indicators are equally optimistic. A Golden Cross has appeared on Ethereum 12-hour chart, where the 50-day EMA crosses above the 200-day EMA — a pattern traditionally viewed as bullish. Crypto analyst Crypto Patel notes that Ethereum’s last major crossover led to a 57% drop, but the current opposite signal may spark a strong rally. Patel forecasts price targets between $3,800 and $5,000 if momentum continues.
As of now, ETH trades at $2,487.33, up 3.58% over the last 24 hours. With strong technicals, rising investor confidence, and increased institutional interest, Ethereum may be setting the stage for its next major breakout.
