Key Points

1. Ethereum buying activity has accelerated significantly over the past hour, coinciding with a spike in the price of the altcoin.
2. Over 16,000 Ethereum tokens were bought within an hour, earlier today.
3. On a net basis, Ethereum continues to outperform Bitcoin since the asset’s May 2021 top.
4. Analysts predict Ethereum price is likely to continue its bounce.

Ethereum price has kicked off its recovery after a recent drop. There is a significant spike in buying activity as traders accumulate Ethereum.

Ethereum price on track for rally with spike in accumulation

The Ethereum network has seen an increase in buying activity. IntoTheBlock, a crypto intelligence platform, has seen an increase in buying activity in the altcoin.

Over 16,000 Ethereum coins were purchased in less than 60 minutes earlier today, as buying activity increased. According to data from IntoTheBlock, demand across exchanges brought the cryptocurrencies price back up to $3,300.

Proof-of-work (PoW) issuance on Ethereum is nearly complete. Flexible staking combined with deposit and withdrawal options is expected to boost involvement in the ETH2 ecosystem. Despite the recent price drop in Ethereum, the altcoin's value remains stable. This is the difference between the May price correction and the current Ethereum price surge.

Proponents believe that Ethereum price still outperforms Bitcoin since the asset hit its May 2021 top. Mark Cullen, analyst at AlphaBTC notes that Ethereum price has retested its lower mid range and the 61.8 golden zone. The analyst has predicted a push to the 21 daily exponential moving average.