 
 
The first quarter of the year kicked off on an interesting note for Ethereum (ETH), with ETH bulls opening January with a price of $3,353. After failing to sustain momentum within the aforementioned price levels, ETH bulls continued in a downward trajectory, with the asset dropping to as low as $1,500 in price value.
While May and June saw ETH make a swift upward correction, the asset has been unable to break the $3,000 price mark—a trend that is about to subside as a handful of bullish factors suggest that ETH is on its way to retesting its previous all-time high of $4,891.
Particularly, on-chain activities and institutional investor movements have been remarkably bullish in recent times.
Ethereum’s on-chain metrics are still promising
The increase in on-chain activity and the upsurge in institutional investment are validating a serious bullish case for the asset.
Despite the asset trading below its all-time high, on-chain metrics remain bullish, with daily transactions reaching 1.4 million per day and daily addresses crossing 367,000. It is worth noting that more than 30% of Ethereum’s supply has been locked in staking.
 
These metrics further illustrate a rise in users’ interest in the network, with an increase in wallet addresses highlighting growing demand and adoption for Ethereum.
Ethereum-based ETFs record massive inflows
Adoption of Ethereum ETFs is yet another signal solidifying the bullish outlook for Ether. Notably, data from CoinShares revealed that net inflows for global Ethereum-based investment assets recorded $226.4 million. The development marks two consecutive weeks of positive inflows for Ethereum products.
Outlining investors’ sentiments at this time, James Butterfill, the head of research at Coinshares, is quoted as saying, “This highlights a notable shift in investor sentiment in favor of Ethereum.”
At report time, ETH is trading for $2,930, with gains from the past 7 days going up to 16.70%.
Source: https://zycrypto.com/ethereum-restarts-its-journey-to-4000-these-signals-validate-a-strong-bullish-outlook/