It is not all doom and gloom for Ethereum, as a crucial on-chain metric indicates an encouragingly bullish sign for the second-largest crypto asset by market cap.

Ethereum’s slump to $2,387 on Friday was short-lived, fueled by recent speculation that US prosecutors were investigating the largest stablecoin issuer, Tether. Notably, the capitulation saw over $390 million worth of positions liquidated, with $62.21 million belonging to Ethereum traders.

Amid the chaos, an encouraging sign has flashed on on-chain activities about Ethereum, sparking speculation of an impending rebound and a near-term bullish push. Data from Santiment shows that whales have moved to Ethereum as they looked to buy the Friday dip.

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