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ETH Ethereum is quietly rebuilding its bullish logic, and this time is not another cycle of social media hype. Improving market sentiment, underestimation of indicators on the chain, accelerated development and aggressive whale hoarding combine to paint a much stronger picture than the price itself suggests.
Emotional recovery gains real momentum
In the past month, investor confidence has increased significantly. After the weighted sentiment index fell to-3.70 in early June 2026, the index rebounded to-0.61 on July 13, briefly touching the positive region of +1.50. This steady improvement suggests that market psychology is shifting from extreme pessimism.
This recovery did not occur in isolation. Development activity for Ethereum peaked in June and was strengthened by the release of a streamlined Ethereum roadmap on July 4. The roadmap proposes a long-term redesign of Ethereum's core architecture by 2030, introducing recursive STARK proof, post-quantum security and enhanced privacy protection, while maintaining compatibility with existing decentralized applications.
Data on the Ethereum chain suggest deep underestimation
valuation indicators also send interesting signals. Ethereum's MVRV Z score is currently-1.30, indicating that the asset is still at a deep discount to its realized value.
At the same time, the profit-to-profit ratio of online daily trading volume jumped from 0.42 to 2.46. In short, profitable trading volume now significantly exceeds loss-making trading activity, suggesting that despite recent market volatility, underlying network usage is healthier.
These indicators collectively point to improvement in fundamentals, although a wider range of market participants remain cautious.
Whales continue to pull ETH off the exchange
Large investors do not appear to be waiting for confirmation. Lookonchain data shows that major holders continue to transfer Ethereum to long-term storage, which is reflected in continued withdrawals from exchanges. In just one hour, a wallet associated with K3 Capital withdrew 10,000 ETH, worth approximately US$17.85 million, from Binance. At about the same time, Abraxas Capital withdrew another 6,948 ETH from Binance and Bitfinex, worth approximately US$12.42 million.
Ethereum is now supported by improving sentiment, ambitious protocol development, undervalued valuation metrics, and continued institutional hoarding. While none of these signals guarantees an immediate rise in Ethereum prices, they together constitute one of the strongest fundamentals for the network in recent months.
