Ethereum wallet growth signals bullish market sentiment By Investing.com
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The cryptocurrency has recently seen significant signs of bullish market sentiment, with key metrics indicating increased investor interest and potential price momentum. According to data from analytics firm Santiment, Ethereum’s top wallet holders have notably expanded their holdings, collectively adding over $124 billion worth of Ether to their wallets.
This accumulation by large investors is accompanied by a decrease in exchange-based ETH supply, which has dropped almost 20% in the past six months. This suggests that more holders are moving their Ether off exchanges, potentially for long-term holding, reducing the available supply for trading and possibly putting upward pressure on prices.
Further reinforcing the positive outlook is a report from IntoTheBlock, which highlighted an increase in active and new Ethereum addresses over the past week. This rise in engagement with the Ethereum network aligns with a spike in new Ethereum wallets, which reached 94,700 on Tuesday. This level of activity has not been seen since July when Ethereum began its price uptrend.
Moreover, Ethereum recently surpassed a significant psychological threshold by breaching the $2,000 mark. Traders and investors are now closely watching to see if it can reach or exceed May’s peak of $2,200.
These developments reflect a growing confidence in Ethereum’s market position as it continues to attract new users and investments. With multiple indicators pointing towards a bullish trend, the Ethereum community and potential investors are keeping a close watch on the market’s next moves.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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The cryptocurrency has recently seen significant signs of bullish market sentiment, with key metrics indicating increased investor interest and potential price momentum. According to data from analytics firm Santiment, Ethereum’s top wallet holders have notably expanded their holdings, collectively adding over $124 billion worth of Ether to their wallets.
This accumulation by large investors is accompanied by a decrease in exchange-based ETH supply, which has dropped almost 20% in the past six months. This suggests that more holders are moving their Ether off exchanges, potentially for long-term holding, reducing the available supply for trading and possibly putting upward pressure on prices.
Further reinforcing the positive outlook is a report from IntoTheBlock, which highlighted an increase in active and new Ethereum addresses over the past week. This rise in engagement with the Ethereum network aligns with a spike in new Ethereum wallets, which reached 94,700 on Tuesday. This level of activity has not been seen since July when Ethereum began its price uptrend.
Moreover, Ethereum recently surpassed a significant psychological threshold by breaching the $2,000 mark. Traders and investors are now closely watching to see if it can reach or exceed May’s peak of $2,200.
These developments reflect a growing confidence in Ethereum’s market position as it continues to attract new users and investments. With multiple indicators pointing towards a bullish trend, the Ethereum community and potential investors are keeping a close watch on the market’s next moves.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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