On-chain data from CryptoQuant analyst Burakkesmeci shows that Ethereum (ETH) accumulation addresses now hold over 19 million ETH as of October 18, 2024. This is a significant 65% increase since the beginning of the year, highlighting growing interest from both individual and institutional investors. Once popular mostly with tech enthusiasts, Ethereum is now becoming a mainstream investment choice.
What’s driving this trend? Where could this development lead to Ethereum’s price in the months ahead? Read on.
According to Burakkesmeci’s analysis, the amount of Ethereum in accumulation addresses has steadily risen throughout 2024. At the start of the year, these wallets held 11.5 million ETH.
By mid-October, that number had jumped to 19 million, showing more investors are choosing to hold onto their Ethereum, reflecting increased confidence in its long-term potential.
Ethereum ETFs Drive Demand
A key reason for this surge is the approval of Ethereum Spot ETFs earlier this year. These ETFs have made Ethereum more accessible to large investors, boosting trust in the asset. With clearer regulations, Ethereum is now seen as a more reliable investment, appealing not just to crypto enthusiasts but to mainstream investors as well.
Burakkesmeci predicts that the amount of ETH in accumulation addresses could exceed 20 million by the end of 2024. If Ethereum’s price hits the expected $4,000 by year’s end, these wallets would hold over $80 billion in value, putting them on par with some of the world’s largest companies.
At the moment, Ethereum is trading below $2,680 and facing resistance at $2,665, near the key $2,700 level. This resistance coincides with the 50% retracement level from its recent drop between $2,757 and $2,626. Despite these short-term hurdles, analysts remain hopeful.
They believe that continued accumulation could push Ethereum’s price to $4,000 by the end of the year, reflecting strong confidence in its future potential.
Let’s discuss: Is Ethereum’s recent growth sustainable?
The cryptocurrency market continues to struggle, and XRP has taken a brutal hit. In the…
The cryptocurrency market faced a heavy blow in the past 24 hours as Bitcoin's price…
XRP just hit a major price level, and it happened right as bombs were dropping.…
Altcoin prices have been bleeding for months, leaving many investors wondering if the market is…
The cryptocurrency market is reeling from a sharp sell-off over the past 24 hours, driven…
The crypto market just witnessed another wild 24 hours. Bitcoin faced a sharp rejection after…
