Ethereum’s price shows signs of significant bullish momentum driven by Vitalik Buterin’s execution layer upgrade proposal, increased whale activity, and a supportive market structure. The adoption of the RISC-V instruction set aims to enhance efficiency and scalability. Historical on-chain data signals institutional confidence, while derivatives markets reflect growing optimism about ETH’s near-term performance.
Ethereum (ETH) seems to be entering its most bullish phase since 2021, driven by several key factors. Vitalik Buterin’s proposed execution layer upgrade, strong whale accumulation, and a supportive chart structure from Trader Tardigrade cumulatively indicate a significant market shift. Recently, ETH saw a 3.64% increase in price within 24 hours, approaching a market capitalisation of $200 billion, reflecting heightened social and institutional interest, reminiscent of the 2020-2021 breakout cycle.
Vitalik Buterin’s recent proposal seeks to revamp Ethereum’s execution layer through the adoption of the RISC-V instruction set, optimising the Ethereum Virtual Machine (EVM). This open-source architecture is expected to enhance efficiency, modularity, and scalability while simplifying future upgrades and reducing complexity. Buterin asserted that such changes would bolster Ethereum’s execution effectiveness and adaptability in the long run, offering a more standardised framework for quicker innovation and improved development tools.
The push towards RISC-V signifies a strategic advancement in Ethereum’s infrastructure, prioritising sustainability and performance over immediate benefits. Developers perceive this upgrade as essential for maintaining Ethereum’s competitive edge against emerging Layer-1 chains by reinforcing the network’s commitment to decentralised applications and smart contract technology.
On-chain data indicates growing whale activity, signifying heightened institutional confidence in Ethereum. Recent developments show high-volume transactions, including one whale withdrawing 3,844 ETH (approximately $6.5 million) from Bitget and acquiring an additional 1,897 ETH. Another wallet’s purchase of 6,528 ETH for about $10.69 million further emphasises concentrated accumulation. Historical patterns reveal that such whale transactions often precede significant Ethereum rallies, aligning with broader market shifts.
Ethereum’s price has transitioned to a Mark-Up Phase according to crypto analyst Trader Tardigrade. His analysis indicates that ETH has moved beyond the recovery phase, marking the initiation of increased upward momentum. The historical trajectory showcases similar patterns in 2020, where ETH escalated from below $300 to over $4,800 post-recovery. Tardigrade’s observations note structural confirmations through key technical levels, reinforcing investor enthusiasm as Ethereum signals familiarity with bullish cycles.
Moreover, Ethereum’s derivatives markets display a trend of rising optimism, with open interest increasing by 4.83% to $19.19 billion. This shift towards a positive funding rate indicates that traders are prepared to pay a premium for long positions, suggesting bullish expectations for the short term. Increasing long positions to 55.83% of trades reflects higher speculative activity, while the TD Sequential buy signals noted by analyst Ali Martinez amplify the positive outlook on Ethereum’s price movement, drawing interest in the ongoing bullish trend.
