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The cryptocurrency Ethereum has witnessed significant accumulation by whales. Large ETH wallets have continued to accumulate Ethereum throughout the past year. The highest increase for Ethereum was recorded in newly created wallets on Tuesday. The price development of Ethereum is also supported by on-chain metrics.
Ethereum Wallets Accumulate ETH
According to Santiment data, the top 200 wallet addresses holding ETH added 62,769,000 ETH tokens to their wallets. The total value of the added Ethereum amounts to $124.1 billion. Such a significant accumulation implies a bullish trend for the cryptocurrency Ethereum.
Over the past year, these wallets have accumulated 30% more ETH. The number of Ethereum wallets created on Tuesday reached 94,700, marking the highest increase since July 2023. The transition of these wallets into accumulation mode is interpreted as a preparation for a bull run in the cryptocurrency world.
Ethereum Supply on Exchanges at the Lowest Level in Six Months
The developments are not limited to this. According to Santiment data, the supply of ETH tokens on exchanges has declined by approximately 20% in the past six months. The decrease in Ethereum supply on exchanges strengthens the possibility of price increase.
While the supply decreases, there has been an increase in activity from Ethereum wallets. The graph below, obtained from IntoTheBlock, indicates an increase in active addresses and new addresses on the Ethereum network in the past week. This metric demonstrates the demand for Ethereum among market participants and helps determine the activity on the ETH network. Such high demand also suggests a potential price increase for the token.
Looking at the Ethereum price, at the time of writing, it is positioned just above the critical support level of $2,000. Ethereum is trading at $2,004. Despite the recent negative market conditions, it is significant that Ethereum finds support at $2,000. Accordingly, Ethereum can make a move towards the $2,200 resistance level. ETH, the leader of altcoins, last reached this level in May 2022.
