Ethereum accumulation addresses have seen a massive increase in 2024, with the total ETH in these wallets surpassing 19 million as of October 18.
In January, these addresses held just 11.5 million ETH. The growth has been nothing short of aggressive, with expectations that this figure will reach over 20 million before the end of the year.
At the current price of Ethereum, around $2,700 per coin, this would push the total value of these wallets to worth around $80 billion. This isn’t small-time action.
These accumulation addresses hold wealth on par with some of the largest companies in the world. This surge comes after the approval of Ethereum spot ETFs.
The green light from regulators injected confidence into the market, transforming Ethereum from a tech-lover’s dream to a proper mainstream financial asset.
50,000 ETH moved into derivative exchanges – What’s next?
More than 50,000 ETH, worth $132.12 million, flowed into derivative exchanges last week. Net flow, which tracks deposits and withdrawals of ETH from these platforms, turned positive. That means more Ethereum came into derivative exchanges than left.
The shift could go two ways. Traders could be planning to sell, which would drive selling pressure on ETH prices. Dumping ETH through short positions or selling futures contracts at preset prices is one possible strategy.
On the flip side, this influx could also mean optimism. Traders might be using ETH as collateral for margin or futures trades, betting that Ethereum prices will go up. Either way, it’s clear that there’s a huge amount of money riding on ETH’s next move.
Ethereum nears critical resistance level
Ethereum’s market price has surged by more than 8% in a bullish trading week, pushing ETH above the $2,600 mark. In the past 30 days, ETH is up 12.89%, and its daily trading volume now stands at $17.06 billion.
But there’s more going on beneath the surface. While this momentum looks strong, not everyone is convinced the good times will last.
There is a ton of bearish sentiment in the market. Investors are wary that a pullback may be on the horizon, even with recent gains.
Ethereum is approaching a key resistance level at $2,700. This price point has been a brick wall for ETH over the past two months, repeatedly rejecting upward moves.
Yet, despite this history, things might be different this time. Analysts are keeping an eye on the RSI, which isn’t yet in overbought territory. That suggests there’s still some runway left in this rally.
In fact, some are even predicting Ethereum could break through $2,700. The charts show an ascending triangle pattern, a bullish signal that suggests Ethereum could move past its resistance and target $2,870 in the near future.
Despite the bullish setup, the market is fickle, and resistance zones don’t go down easy. At the same time, it’s hard to ignore the broader trends.
Ethereum’s daily trading volume and market activity suggest that plenty of people are still betting on the token’s future. Whether or not it can clear the $2,700 mark will determine how the rest of the year plays out for ETH.
Source: https://www.cryptopolitan.com/ethereum-accumulation-surges-by-65-2024/