Ethereum is attracting strong interest from the cryptocurrency community due to significant accumulation signs and outstanding On-chain activity. With the amount of ETH held by accumulation wallets reaching a record high of nearly 22.8 million ETH, this could signal a major upcoming volatility. This article analyzes expectations for Ethereum to break through the $3,000 mark, while also assessing technical resistance levels and the growth of trading activity on the network. If you are interested in Ethereum price predictions and cryptocurrency market trends in the near future, the content below will provide an in-depth view based on updated On-chain data and technical analysis.
Ethereum records a record high of ETH accumulation.
Accumulation wallets for Ethereum, which only receive ETH without spending, are holding up to 22.8 million ETH – the highest level in history. This data reflects a strong accumulation trend, despite ETH prices still being significantly lower than the all-time high (ATH).
The exponential increase in accumulated ETH shows the strength and determination of long-term investors (LTH) preparing for significant market volatility. This is a positive sign, often appearing before potential bull runs in cryptocurrency history.
The accumulation momentum may continue to increase in July, opening up opportunities for a booming summer for Ethereum if previous trends are repeated.
Ethereum trading activity is surging, is altseason about to return?
Ethereum network trading just reached its largest spike since early 2023, with over 1.5 million transactions per day. This increase means more investors and users are actively using the network, setting the stage for positive price volatility.
Additionally, the market share of stablecoins is approaching key resistance levels, which previously marked significant cycle peaks in 2019, 2020, and 2021. These levels often lead to capital reallocating towards riskier assets like Altcoins and Ethereum.
This phenomenon is seen as a precursor to the potential start of an altseason cycle, where alternative cryptocurrencies may experience strong price increases simultaneously. The continuous accumulation of ETH by cryptocurrency whales also demonstrates expectations of a strong recovery this summer.
Technical analysis: Can Ethereum reach the $3,000 mark?
Despite the positive accumulation signals and On-chain activity, Ethereum is still facing important technical resistance levels. Currently, ETH is trading around $2,460, below the 50-day and 200-day moving averages – two key resistance levels.
The RSI index remains neutral at around 49, while the MACD line shows signs of stagnation after a prolonged bearish divergence. The OBV (On-Balance Volume) indicator also indicates that buying pressure is not yet strong enough to create a breakout momentum.
If ETH can break through the resistance level around $2,600, the likelihood of growth to $3,000 in the short term will become more feasible. This momentum is reinforced by positive fundamental signals along with the trend of capital reallocating to altcoins in the market.
The importance of On-chain indicators in predicting Ethereum prices.
On-chain analysis provides a detailed perspective on the trading and accumulation behavior of major investors. Notably, the amount of ETH held in whales and accumulation wallets is crucial for predicting future price volatility.
The significant increase in the number of transactions and the value transferred on the Ethereum network reflects growing interest from the community and institutional investors. This not only indicates current vibrancy but also serves as a basis for expectations of a sustainable growth trend in the near future.
Conclusion: Ethereum is on track to create a major wave.
The record-setting ETH accumulation data and the surge in the number of transactions on the Ethereum network are signals indicating the potential for entering a strong growth phase. Although it still needs to overcome important technical thresholds, the prospect of breaking through the $3,000 price level in the near future is entirely feasible.
Market fluctuations in stablecoins and signs of capital reallocating to altcoins also support the outlook for a new altseason. Investors should closely monitor technical indicators and On-chain data to seize opportunities and manage risks effectively in the emerging trend.
Source: https://tintucbitcoin.com/ethereum-tich-tru-tang-eth-vuot-3-000/
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