Amid the recovery of the altcoin market, the price of the world’s second-largest crypto, Ethereum, has risen 4%, surpassing $2,000 once more.
Ethereum Whale Accumulation Continues
Santiment, an on-chain data provider, reported that in the past year, the largest wallet addresses have accumulated over 30% of the total ETH supply due to the rapid growth of the Ethereum network.
A recent development in the Ethereum space indicates that the top 200 Ethereum wallets hold a combined value of 62.76 million ETH, estimated at around $124.1 billion.
Notably, since November 21, 2022, these wallets have acquired 30.3% more coins.
Additionally, yesterday witnessed a notable surge in Ethereum wallet activity, as 94.7 thousand new ETH wallets were created, the largest increase since July.
Conversely, there is an increasing demand for Ethereum derivatives.
An analyst contributing to CryptoQuant, Maartun Regterschot, has identified a significant Ethereum (ETH) market trend.
A substantial increase in open interest indicates a pattern of “systemic buying” in Ethereum futures, according to his analysis.
Significantly, there has been a $700 million inflow into Ethereum futures, indicating a purposeful accumulation of assets within a specified period.
Someone(s) are TWAP-buying on Ethereum futures
This linear growth in open interest indicates systematic buying over a certain period. There is $700 million added so far. pic.twitter.com/GCXK8u5yLL
— Maartunn (@JA_Maartun) November 22, 2023
Decrease in ETH Exchange Supply
In the past six months, the supply of ETH tokens on exchanges has decreased by nearly 20%, Santiment data reveals.
This decrease in ETH supply on exchanges has reached its lowest point in half a year, suggesting a favorable outlook for potential price surges in the altcoin.
The reduced selling pressure on ETH indicates favorable conditions for further ascents.
Simultaneously, ETH wallet activity exhibits an increase, serving as a metric to assess the level of demand for Ethereum among market participants and the network’s overall engagement.
During a price uptrend, increased activity and the creation of new wallets are frequently regarded as bullish indicators for the asset.
ETH Price to Reach $3,000?
The price of Ethereum has experienced a surge in momentum, exceeding the $2,000 support level and generating optimism among traders with a bullish outlook.
The recent rise from $1,930 indicates a favorable trend, suggesting the possibility of a breakout towards the esteemed $3,000 threshold.
Golden cross patterns, in which the 50-day Exponential Moving Average (EMA) surpassed the 100-day EMA and the 200-day EMA approximately two weeks ago, bolster the positive outlook.
Meanwhile, to maintain the current upward trajectory, Ethereum’s price encounters significant obstacles at $2,130, where it must surmount weakening resistance, and $2,000, which must serve as a sturdy support level.
The achievement of surpassing the $2,130 threshold is crucial in indicating growing momentum and guaranteeing the sustained ascent.
A further bullish breakout is conceivable if this action undermines the sell signal generated by the Moving Average Convergence Divergence (MACD) indicator.
