Ethereum whales are accumulating now
An analyst cited on-chain events and pointed out that people are currently watching the audit of Ethereum's price increase, which further solidifies the prospects of Ethereum's price increase. The analyst pointed out that the number of addresses holding more than 10,000 ETH is increasing sharply, indicating that investors have completed their capital allocation and are not continuing to accumulate ETH. Politics will further drive ET
Glassnode cited that the number of addresses holding more than 10,000 ETH has been rising since May 20. Don't miss the strong rise in prices on this day, breaking through the two key resistance levels of $3,300 and $3,700.
This continued upward trend has boosted market sentiment and why most investors are now choosing to accumulate ETH instead of liquidating ETH, despite the recent drop from $3,900
At the time of writing, the ETH price is around $3,700, which is nearly 20% higher than the bottom price in May 2024. Looking at the daily chart, ETH has been rising after breaking through $3,300 and
Therefore, despite the price retracement from $3,900, the upward trend still remains. According to the candlestick arrangement in the daily chart, buyers may aim at $4,900 or the high of 2021, Montreal makes ETH fall back to 4
These large investors expect that most of them are optimistic about the future and want to know their development potential. The fish is young and energetic, with a huge body and full of confidence in the environment.
Continued development and found ETH ETF hope
One purpose of this positive outlook is to be in the continued development of the Ethereum network. After the successful activation of Dencun, the platform is now committed to focusing its efforts on the Pectra upgrade.
This hard fork is expected to further enhance the network and make transaction processing more efficient and affordable. These ongoing developments make the Ethereum network a preferred platform for decentralized finance (DeFi) and bitcoin activities.
In addition to relevant factors, the United States Securities and Exchange Commission (SEC) recently approved the listing of all spot Ethereum exchange-traded funds (ETFs).
Although the agency has not yet made a clear statement on its requirements for the status of the Ethereum platform, this process will be more difficult with the approval of the S-1 performance of all spot markets. Analysts believe that if these performances are approved, the second largest fair trade cryptocurrency will meet the needs of people in urgent need.
