Ethereum’s long-term accumulation addresses have seen a significant increase, with over 19 million ETH now held in these addresses as of October 18th. This marks a substantial rise from 11.5 million ETH at the beginning of the year, indicating a growing confidence among investors in Ethereum’s future prospects.
According to data from CryptoQuant, the amount of Ethereum held in accumulation addresses nearly doubled from January 2024 to October 2024. Experts predict that this trend will continue, with the possibility of these addresses holding over 20 million ETH by the end of the year. This surge in long-term holdings suggests that large investors and supporters of ETH are strategically building their positions in anticipation of future growth.
The approval of Spot ETFs earlier in 2024 has also contributed to this accumulation by attracting more mainstream attention to Ethereum. Additionally, the increase in ETH staking has played a significant role in driving the accumulation trend.
Staking has become a crucial factor in Ethereum’s market dynamics, with data from Dune Analytics showing that nearly 29% of ETH’s total supply is currently staked, totaling 34,600,896 ETH. With a substantial portion of ETH now locked up in staking contracts, there is reduced sell-side pressure in the market. This could potentially support Ethereum’s price in the near future, as the limited availability of ETH for trading could lead to price stability or further price appreciation.
In terms of price action, Ethereum is currently trading at $2,649, slightly above key support levels. The 50-day moving average at $2,476 has provided strong support, while the 200-day moving average at $3,022 has acted as a critical resistance point. Breaking above this resistance level will be crucial for ETH to sustain a longer-term rally.
The Relative Strength Index (RSI) indicates moderate bullish momentum, with a value of 61.61, while the Chaikin Money Flow (CMF) shows slightly negative buying pressure at -0.07. Although Ethereum’s outlook remains positive, surpassing the $3,022 resistance level is essential for a stronger upward trajectory. In the event of market volatility, the 50-day moving average at $2,476 could serve as crucial support.
Overall, the increase in long-term accumulation addresses and the rise in ETH staking reflect a growing confidence in Ethereum’s future potential. With reduced market liquidity and strong support levels in place, Ethereum is well-positioned for potential price stability and further growth in the coming months. The world of technology is constantly evolving, with new innovations and advancements being made every day. One such innovation that has taken the tech world by storm is the development of artificial intelligence (AI). AI has the potential to revolutionize the way we live and work, and its applications are vast and varied.
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