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New Ethereum Accumulation Faces Surge as Bulls Eye Price of $4,000
Ethereum has seen a significant increase in key bullish indicators such as accumulation addresses, as bulls trigger an upward market move. The number of accumulation addresses is an important factor in monitoring market sentiment, defined as wallets that have recorded withdrawals or transfers of assets. The metric often consisted of cold and hot wallets.
Points accumulation wallets are bullish
New market data from an on-chain analytics company CryptoQuant shows a systemic increase in Ethereum hodlers. According to the data, the number of addresses has exceeded 3,700 wallets. Mirroring this data through the lenses of wallets with 10-10,000 ETH and 10,000-100,000 ETH, both show significant upticks indicating increased sentiments.
Addresses with 10,000 to 10,000 ETH hold 246,700 assets, while wallets with 10,000 to 100,000 ETH hold 373,700 coins on May 26. On-chain data shows a huge jump towards these numbers triggered by industry and macro factors. To put things into perspective, on May 1, the first group of wallets held 22.5K ETH while the second controlled 29.9K ETH. This shows a massive jump from current numbers.
Likewise, Ethereum whales have also seen bullish activity in the market, with the value of transactions worth over $100,000 hitting its all-time high this year. Data from IntoTheBlock indicates an accumulation of larger holders with strengthened movement among traditional financial investors.
Ethereum trading volumes are soaring as bulls signal rising prices in the market, prompting the company to look to other altcoins.
Spot Ethereum ETFs Drive Accumulation
Approval of the spot Bitcoin ETF on January 11, investor accumulation increased, pushing the price to an all-time high above $73,000. This widespread success led investors to turn to a place Ethereum ETF. The week leading up to the approvals saw huge accumulation as the price surpassed $3,700.
At press time, Ethereum is trading at $3,942, a 2% increase over the past 24 hours and a 25% weekly rally. In another development, an Ethereum whale transferred 42,192 ETH to an unknown wallet today.
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