Since losing the $3,000 level in early February, the price of ETH has struggled to build a sustained bullish momentum, reaching only above $2,700 multiple times in the past few weeks. However, recent market data shows that the Ethereum price could be preparing for an extended rally over the next few months.
The relevant indicator here is Ethereum’s Average Order Size on Binance, which is calculated by dividing the total trading volume by the number of trades on the world’s largest cryptocurrency exchange (by trading volume). This metric offers insights into the classes of traders — whether it is large institutional investors or retail traders — that are most dominant on a specific exchange.
The on-chain analyst added:
In short, it’s an all-in-one signal, and today, it’s flashing something rare and powerful because the last time this indicator lit up like this was in December 2023, right before ETH rocketed from $ 2,200 to $ 4,000.
Hence, Darkfost believes the month of May might have been a huge entry window, which most of the large investors seemingly took advantage of.
As of this writing, the price of Ethereum stands at around $2,537, reflecting a 0.5% increase in the past 24 hours.
