Ethereum’s Rebound Isn’t Hype: On-Chain Signals Point to a Bigger Rally Ahead

Key Points

1. Wallets holding 10,000 to 100,000 ETH have been steadily accumulating since early 2025, indicating potential for a larger price movement.

2. Ethereum is displaying independent momentum, with its market value ratio relative to Bitcoin surging by 64% since May 8, 2025.

3. Investor sentiment has shifted from bearish to bullish, with a 2:1 bullish-to-bearish ratio observed by late July, though cooler than the mid-June peak of 3.5:1.

4. Short-term retail FOMO (fear of missing out) is emerging, alongside supportive market predictions, such as Fundstrat’s Tom Lee forecasting ETH could reach $10,000-$15,000.