Is Ethereum gearing up for another pump?

Ethereum is trading at the $1300 level and the price is up nearly 5.7% in the past week. After hitting $1426 on Jan 29, 2021, the price dropped without hitting $1500, which is to a certain extent comparable to what happened to Bitcoin. Though Ethereum’s chart shows volatility at the current price level, it has remained range-bound. The dropping active supply that is key to Ethereum’s alt season narrative, has continued to decline and has hit a three year low. The 3-year low of 14 Billion, signals that Ethereum could possibly be gearing for another pump. The trade volume has steadily increased