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Ethereum Long-Term Accumulation Addresses See Significant Growth in 2024
Rising Confidence in Ethereum as Accumulation Surges
Increased Holdings in Accumulation Addresses
A notable surge in Ethereum accumulation has been observed in 2024, with over 19 million ETH now held in long-term accumulation addresses as of October 18. This substantial increase from 11.5 million ETH at the beginning of the year indicates a growing confidence among investors regarding Ethereum’s future prospects.
Anticipated Continuation of Upward Trend
Data from CryptoQuant reveals that the amount of Ethereum held in accumulation addresses has nearly doubled since January 2024. Experts project that this figure could exceed 20 million ETH by the end of the year, signaling a continued upward trend in long-term holdings.
Ethereum Staking and Market Dynamics
Significant Staking Participation
A substantial portion of Ethereum’s total supply, nearly 29%, is currently staked, as indicated by data from Dune Analytics. With 34,600,896 ETH staked at present, reduced market liquidity could potentially support future price stability by easing sell-side pressure.
Positive Trajectory for Ethereum
Stable Trading Patterns
Despite minor fluctuations, Ethereum is trading at $2,649 with strong support at the 50-day moving average of $2,476. The 200-day moving average at $3,022 remains a crucial resistance level that Ethereum needs to surpass to sustain a longer-term rally.
Market Indicators
The Relative Strength Index (RSI) at 61.61 indicates moderate bullish momentum, while the slightly negative Chaikin Money Flow (CMF) at -0.07 suggests limited buying pressure without signaling a bearish trend reversal. Key resistance levels and support levels will play a vital role in Ethereum’s price movements in the near future.
Looking Ahead
As Ethereum continues to demonstrate a positive trend, surpassing key resistance levels will be essential for further upward momentum. While market volatility remains a factor, the support provided by moving averages will be crucial in guiding Ethereum’s price movements.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
