The biggest Ethereum wallets are getting refilled, signaling a new accumulation phase. Stakeholders may refrain from selling ETH ahead of the opportunity to stake the asset in ETH 2.0.
ETH SEES BULLISH SIGNS FROM ACCUMULATION
Ethereum (ETH) established itself at $232.07, avoiding the fate of sinking again below $200. Now, there are more signals of activity, as large-scale wallets show signs of accumulation. Based on Santiment analysis, the accumulation of ETH may be an indirect indicator of price moves.
Santiment comments that the effect of accumulation may not immediately translate into a bullish price move. But this trend works as a sign that Ethereum stakeholders see more importance in holding the chief utility token.
ETH is much more than a base pair currency and a speculative bid. Its network is still instrumental in decentralized finance (DeFi), and gaming apps or other entities still need ETH for gas fees.
ETH trading also remains relatively high, with volumes above $17 billion in 24 hours. The coin’s transaction count increased slightly in the past weeks, also coinciding with a spike in mining activity. Despite the recent slide from $280, ETH looks well-established as one of the drivers of cryptocurrency growth. Read More...