Despite the recent price surge, retail investors are holding their positions in Ethereum, indicating confidence in long-term growth.
Low exchange inflows and a near-breakeven SOPR show investors' reluctance to sell their Ethereum holdings.
If Ethereum remains above $2,800, analysts predict a potential short-term target of $4,000, driven by a prevailing 'buy and hold' sentiment.
Ethereum is becoming less correlated with Bitcoin, as evidenced by a three-year low in the 180-day Pearson correlation between the two cryptocurrencies.