- The number of large key ETH addresses has risen this month.
- Santiment data shows that the number of 100 to 100k ETH addresses is at a 20-month high.
- ETH’s price has risen 5.35% over the last 24 hours according to CoinMarketCap.
The number of large key Ethereum (ETH) addresses has been growing despite the latest turmoil in the crypto markets. In a tweet made this morning, the blockchain analytics firm, Santiment, shared that the number of “100 to 100k ETH addresses is at a 20-month high.”
The chart shared by Santiment shows the accumulation of ETH by investors through the course of this year. As can be seen on the chart, there was an accumulation phase leading up to the much-anticipated Merge event, which was then followed by a sell-off after the upgrade was successfully rolled out.
A few weeks thereafter, the price of ETH rebounded and another accumulation phase began at the beginning of this month once the FTX drama began. To determine if this accumulation phase will also accompany a sell-off, it is important to look at what the technical indicators on ETH’s charts are saying. ETH is currently trading at $1,271.65 following an astonishing 5.35% increase in price over the last 24 hours. This is according to CoinMarketCap. In addition to the 24-hour increase, ETH’s price movement is also in the green and stands at +9.55% at press time. This positive price movement is a direct result of the current accumulation phase.
ETH’s price is currently looking to flip the resistance level at $1,274 into support. However, given that the accumulation activity has leveled out on the chart shared by Santiment, ETH’s chances of flipping this level are questionable.
The daily RSI line is signaling that there is enough bullish support for ETH’s price to break above this level, as it is positioned above the daily RSI SMA line and is sloped positively towards the overbought territory. Given that the RSI is at 51.28, it’s fair to say that investors may not be dumping ETH for the remainder of the week.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
