Ethereum (ETH) Hits All-Time High Again, However Not What You Believe
The post Ethereum (ETH) Strikes All-Time High Again, However Not What You Think appeared on BitcoinEthereumNews.com.
Key Insights:
- Ethereum’s (ETH) staked volume has hit a 35 million ETH milestone.
- Ethereum whale accumulation addresses hit new highs as holders turn bullish.
- Technical indicators signal a potential Ethereum price rally to $3,000.
Ethereum (ETH), the leading altcoin, has achieved a new milestone: It has hit an all-time high (ATH) in a crucial metric. As highlighted by CryptoQuant, an on-chain analytical platform, Ethereum has hit a new ATH of 35 million ETH locked in staking addresses.
Ethereum (ETH) Staking Milestone: Correct Vote of Confidence
The development suggests increasing investor confidence and long-term strength of the Ethereum network. Staking involves locking up Ethereum to help secure the network, while users who stake earn rewards. With over 35 million Ethereum staked, holders are committing ETH for the long term and betting on Ethereum’s future.
Their action, in addition to signaling confidence, also contributes to reducing the circulating supply. This could decrease selling pressure and potentially support Ethereum’s value increase.
It is worth mentioning that over 500,000 ETH were staked in June alone, pushing the total locked amount to 35 million ETH. This increase, occurring amidst continued price volatility, highlights Ethereum holders’ confidence in the asset.
These investors staking their coins have demonstrated significant conviction in the asset’s recovery potential.
Ethereum Accumulation Soars to New Highs
Besides the staking metric, there has also been an upsurge in accumulation addresses. Ethereum holders have a history of not selling their holdings. According to data, accumulation wallet addresses have hit a new ATH, collectively holding 22.8 million ETH.
This indicates that holders continue to buy Ethereum and hold onto it regardless of price fluctuations, showcasing their strong belief in Ethereum.
Despite price movement, the goal of accumulation remains the focus. The resilient behavior of these investors suggests that Ethereum is evolving, with a long-term bullish sentiment.
Ethereum whales accumulate more ETH daily, with the total accumulation surpassing 800,000 ETH over the last seven days. Glassnode data shows the cumulative Ethereum balance in these whale wallets is over 14.3 million ETH.
This aggressive whale accumulation could trigger a price rally, as whales typically increase asset accumulation before a bullish breakout.
Ethereum (ETH) Price Eyes $3,000, Big Breakout In View?
At the time of writing, the ETH price was trading at $2,548.31, with a 2.68% decline in the last 24 hours. Ethereum touched the $2,600 level before facing rejection due to market volatility.
Investors are closely monitoring the coin, with trading volume up by 22.24% to $24.46 billion within the same timeframe. Ethereum whales increasing their holdings amidst market volatility could support ETH’s rebound to $3,000.
If Ethereum surpasses $2,900, technical indicators suggest a potential move towards $3,600 or higher in the coming weeks.
Source: The Coin Republic
