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Ethereum Wallets Accumulate ETH as On-Chain Metrics Support Price Development !!
The cryptocurrency Ethereum has witnessed significant accumulation by whales. Large ETH wallets have continued to accumulate Ethereum throughout the past year. The highest increase for Ethereum was recorded in newly created wallets on Tuesday. The price development of Ethereum is also supported by on-chain metrics.
Ethereum Wallets Accumulate ETH
According to Santiment data, the top 200 wallet addresses holding ETH added 62,769,000 ETH tokens to their wallets. The total value of the added Ethereum amounts to $124.1 billion. Such a significant accumulation implies a bullish trend for the cryptocurrency Ethereum.#BTC #etf #ETH #ordinals #opbnb
Over the past year, these wallets have accumulated 30% more ETH. The number of Ethereum wallets created on Tuesday reached 94,700, marking the highest increase since July 2023. The transition of these wallets into accumulation mode is interpreted as a preparation for a bull run in the cryptocurrency world.
Looking at the Ethereum price, at the time of writing, it is positioned just above the critical support level of $2,000. Ethereum is trading at $2,004. Despite the recent negative market conditions, it is significant that Ethereum finds support at $2,000. Accordingly, Ethereum can make a move towards the $2,200 resistance level. ETH, the leader of altcoins, last reached this level in May 2022.