ETH Accumulation Addresses Signal Strong $2.9K Support
ETH accumulation addresses show $2.9K as a strong support zone, with holdings now at 27.6M ETH amid ETF-driven rally.
- ETH accumulation addresses show $2.9K realized price.
- The level surged from $1.7K, reflecting strong support.
- Total ETH held by these wallets hits 27.6 million ETH.
Ethereum’s recent market activity highlights a growing confidence among long-term holders. According to on-chain data, Ethereum accumulation addresses — wallets that steadily acquire and hold ETH without significant selling — now show a realized price of $2.9K. This metric marks the average price at which ETH was acquired in these addresses, suggesting this is a major support level for the asset.
Earlier this year, this realized price hovered around $1.7K. However, in the wake of renewed investor interest driven by the Ethereum ETF rally, the realized price quickly climbed to $2.9K. This sharp increase signals a significant shift in buying behavior and long-term conviction among Ethereum holders.
27.6 Million ETH Held in Accumulation Addresses
Backing this upward trend is the massive ETH balance sitting in these accumulation wallets — now totaling 27.6 million ETH. This figure not only reflects the confidence of holders but also acts as a buffer for price drops, providing a solid support base around the $2.9K mark.
Large-scale accumulation usually precedes bullish price action, as seen in previous cycles. The increased concentration of ETH in long-term hands indicates that investors are preparing for potential upside, especially with institutional interest on the rise.
ETF Momentum Fuels Long-Term Confidence
The approval of spot Ethereum ETFs has injected new energy into the market. Institutional investors are expected to allocate capital into ETH, much like what was seen with Bitcoin ETFs. This anticipation is one of the key drivers behind the shift in accumulation behavior and rising realized prices.
The $2.9K level isn’t just a number — it’s where major investors have drawn their line. If ETH stays above this zone, it could serve as a launchpad for the next bullish phase.
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