- Ethereum addresses holding 10,000 or more ETH have significantly increased, indicating a shift from selling to buying.
- Ethereum’s price surged to $3,742, showing a 24.21% rise in 24 hours despite a small recent decline.
The Ethereum network has seen a notable surge in the number of addresses holding at least 10,000 ETH, signaling a move from selling to buying among major holders. This shift in behavior, highlighted by crypto analyst Ali Martinez, suggests a growing confidence in Ethereum’s long-term value.
Currently, Ethereum trades at $3,742, reflecting a substantial rise of 24.21% in the last 24 hours, despite a minor decline of 2% in the same period.
There’s been a notable increase in #Ethereum addresses holding 10,000+ $ETH, indicating a shift from distribution to accumulation! pic.twitter.com/afXTfpiK1I
— Ali (@ali_charts) May 30, 2024
This accumulation trend aligns closely with the recent bullish momentum triggered by the approval of several Ethereum spot ETF applications. The increased activity of these large-scale investors, often referred to as ‘whales,’ is indicative of a robust optimistic outlook for Ethereum. They appear to be consolidating their holdings, anticipating further increases in the asset’s price.
Financial observers and market analysts are echoing this sentiment, predicting continued upward movement for Ethereum’s price. This consolidative action by Ethereum whales is viewed as a strategic positioning for expected favorable market conditions, which could lead to enhanced market stability and liquidity.
The trend of accumulation over distribution among major Ethereum stakeholders marks a shift within the Ethereum market. It reflects a strategic decision to leverage potential future market upturns. This is closely watched by the crypto community, as it could influence Ethereum’s market.
Investors and market analysts will keep a keen eye on this development, understanding that the actions of these large holders could decisively shape Ethereum’s price movements in the near future.
