Data shared by Swissblock indicates that ETH may enter a strong recovery process against Bitcoin. Ether investors are targeting liquidity zones around $2,500.

While over 90% of Bitcoin supply is profitable, the lagging of ETH suggests, according to Swissblock's analysis, that the 'catch-up' movement seen in past bull cycles has begun.

In June, interest in spot ETH ETFs increased by 68%, which is considered an indicator that institutional investors are turning to Ethereum.

Strong Technical Signals in ETH

Ether approached the $2,500 level with a remarkable rise on Monday, while the two-week liquidation heat map supports this movement. ETH's direction towards these liquidity-rich areas may trigger aggressive price movements by market makers triggering stop-loss orders and could lead to potential short squeezes.

Technically, ETH has maintained the support level in the range of $2,100–$2,200, and this area has revealed the strength of buyers. The three-day chart closed above $2,400 with a dragonfly doji candle, providing a positive reversal signal indicating that buyers have regained control. The price increase that has been ongoing since May reflects the highest volume participation since July-August 2022; this indicates a refreshment of interest from both individual and institutional investors.

The liquidation heat map shows that ETH is paving the way for upward movement by forming higher lows. Market makers are thought to play a significant role in this liquidity-driven rally. The approach of ETH to around $2,500 indicates that the combination of technical strength and liquidity factors is preparing the ground for a potential breakout.

On-Chain Data and Capital Movements

On Monday, on-chain analyst Amr Taha noted that over 61,000 ETH were withdrawn from Binance. This situation is considered a strong bullish signal indicating that investors are moving away from short-term speculation and intend to hold their assets for the long term.

According to Swissblock's latest analysis, as capital moves away from Bitcoin, ETH is expected to be on the verge of a significant rise. A accumulation phase referred to as 'Zone 5' shared on social media bears similarities to periods that triggered strong price movements for ETH in past bull cycles.

There are five important green zones in the charts; during these periods, fundamental indicators consistently show an increase in profitable supply and capital rotation. Currently, over 90% of Bitcoin supply is profitable, while this ratio remains below 80% for ETH. This difference recalls periods when ETH made catch-up movements against BTC in the past and indicates that ETH has a high potential for value appreciation in the upcoming period.

Institutional Interest and ETF Inflows

In May, $5.23 billion was invested in spot Bitcoin ETFs, while this figure decreased to $2.64 billion in June. In contrast, inflows into spot Ethereum ETFs increased from $564 million to $950 million, marking an increase of 68.4%. Bitcoin ETF inflows decreased by 49.5%.

This 118% capital shift in favor of ETH indicates that institutional investors are turning to Ethereum and supports Swissblock's bullish forecast for ETH.


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