Ethereum Breaks Its Realized Price — Is the Next Bull Run Here?

Ethereum just crossed a key threshold: its realized price. For context, the realized price reflects the average purchase price of all circulating ETH — a powerful metric for gauging market sentiment. When ETH trades below this line, most holders are underwater, signaling bearish pressure. But when it rises above, it often marks the start of a bullish trend.

As of now, ETH is holding above $1,900, based on realized price metrics from Binance — the most active exchange for ETH accumulation. What makes this breakout significant? Long-term holders and consistent deposit activity suggest confidence is returning, especially after a muted April.

Recent data shows massive ETH outflows from Binance, a sign that investors are moving assets off exchanges — typically a bullish behavior indicating long-term conviction rather than short-term trading. These outflows, combined with ETH’s climb past the realized price, signal rising confidence and renewed bullish momentum.

Currently, Ethereum trades at $2,525, up 5.88% in the past 24 hours, even as trading volume has cooled by 18% to $33.79 billion. The next key resistance is at $2,600 — and if ETH clears it, $2,800 could be next.

With the Pectra upgrade, institutional interest, and on-chain fundamentals aligning, Ethereum appears to be re-entering a strong accumulation phase. Could this be the early phase of a new bull run?