Ethereum's recent price rally is attributed to increased network activity and significant inflows from spot ETH exchange-traded funds (ETFs). With ETH trading in the range of $2,370 to $2,770 since May 10, several metrics hint at a potential upward trend. Despite not reaching its previous peak, Ethereum dominates the market with a total value locked (TVL) of $66.6 billion, accounting for 61% of the market share. In contrast, competing chains like BNB and Solana have seen declines in their deposits. Ethereum's base layer TVL grew by 6% in the last month, while its layer-2 solutions recorded $70 billion in decentralized exchange (DEX) activity. Consolidated trading from Ethereum's scaling solutions dwarfed that of competitors. Interestingly, Ether, as the only altcoin with approved spot ETFs in the U.S., has sustained net inflows totaling $837 million since mid-May. Ethereum also registered a 48% price increase between May 7 and May 14, indicating a disparity between holders and potential buyers, leading analysts to anticipate a break above $2,800 in the near term.

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