Despite the SEC making an important decision in the cryptocurrency market by approving spot Ethereum ETFs, the Ethereum price did not meet expectations.

While investors’ hopes for an increase have diminished in the face of the sharp declines in ETH prices in recent months, the expected analysis from the CryptoQuant analyst has arrived.

The analyst noted that although Ethereum has experienced a significant decline over the past five months, its market price remains above the realized price.

Stating that ETH remains in an upward trend by maintaining its position above the realized price, the analyst said that Ethereum’s strong stance points to a potential altcoin bull market.

“Ethereum has maintained its realized price level despite the sharp price decline it has experienced over the last five months and is acting as realized price support for ETH.

Historically, altcoin bull markets have started when Ethereum was stronger than its realized price.”

Ethereum is in a bullish trend

“#Ethereum hasn’t lost the realized price it broke through despite the sharp price decline over the past five months, and the realized price is acting as support.

Historically, altcoin bull markets have started when Ethereum is stronger than its… pic.twitter.com/CDiKFldfA5

— CryptoQuant.com (@cryptoquant_com) August 30, 2024

*This is not investment advice.