Ethereum Wallets on the Rise: A Promising Bullish Trend

"Large Investors Accumulate Ethereum as Exchange Supply Drops, Indicating Potential Price Surge"

Large investors have been accumulating Ethereum (ETH) while the supply of ETH on exchanges has been decreasing, according to recent data. Over the past six months, exchange-based ETH supply has dropped by almost 20%, indicating that more holders are moving their ETH off exchanges for long-term holding. This reduction in available supply for trading may potentially put upward pressure on prices.

Adding to the positive outlook for Ethereum, a report from IntoTheBlock reveals an increase in active and new Ethereum addresses in the past week. This surge in engagement with the Ethereum network aligns with a spike in new Ethereum wallets, which reached 94,700 on Tuesday. Such levels of activity have not been seen since July when Ethereum began its price uptrend.

Furthermore, Ethereum recently surpassed a significant psychological milestone by breaking the $2,000 mark. Traders and investors are now closely monitoring whether it can reach or surpass the peak of $2,200 seen in May.

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 eagerly observing the market’s next moves.

Please note that this article was generated with the support of AI and reviewed by an editor. For more information, please refer to our Terms and Conditions.

Martin Reid

Martin Reid

Leave a Replay

Scroll to Top