- Ethereum’s accumulation addresses reach a new milestone with 22.8M ETH
- ETH needs to surpass key resistance levels for a confirmed rally to $3k
While Bitcoin [BTC] and macro narratives dominate the spotlight, Ethereum [ETH] is showing strong on-chain and accumulation signals, possibly indicating a significant move ahead.
So, the question arises – Is ETH preparing for a summer surge, or does it require more momentum to truly take off?
Record High in ETH Accumulation
Ethereum’s accumulation addresses, which are wallets that only receive ETH and never spend, have amassed a remarkable 22.8 million ETH – a historic peak.
The data reveals a sharp increase in the total balance held by these wallets, even as ETH’s price remains below its all-time high.
Source: Cryptoquant
This accumulation level suggests strong conviction among Long-Term Holders (LTHs), many of whom seem to be positioning themselves for a major move.
This level of accumulation surpasses previous cycles and could continue to accelerate into July, hinting at a potentially explosive summer rally if historical patterns repeat.
Is Altseason Approaching?
Ethereum recently experienced its largest spike in transaction count since early 2023, surpassing 1.5 million daily transactions.
Such a surge in on-chain activity indicates increasing network usage and growing speculation, often a precursor to bullish momentum.
Source: Cryptoquant
This surge coincides with stablecoin market dominance nearing historical resistance levels that marked significant cycle tops in 2019, 2020, and 2021.
Source: X
Typically, a rejection from this level triggers capital rotation into riskier assets, initiating an altseason. If ETH breaks higher while stablecoins retreat, it could indicate early signs of a broader altcoin rally.
As one Twitter user remarked,
“Smart money (whales) are accumulating Eth like never before. The on-chain activity is booming… We have All the ingredients for the craziest summer ever in crypto.”
Can Ethereum Reach $3k?
Despite strong accumulation and a transaction activity surge, Ethereum still faces technical challenges.
At present, ETH is trading around $2.46k, trapped below the 50-day and 200-day moving averages – crucial resistance levels. The RSI hovers around 49, while the MACD shows signs of flattening after an extended bearish divergence.
Source: TradingView
The On-Balance Volume (OBV) indicates weak buying pressure.
Nevertheless, with positive fundamentals and macro signals suggesting an altcoin rotation, a breakout above $2.6k could pave the way to $3k, if ETH can overcome its current trendline resistance.
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