Why do Ethereum investors choose to go long? Why did the supply line climb to 29%?
In 2024, the Ethereum market showed some remarkable changes. The number of ETH in long-term accumulation addresses has almost doubled since the beginning of the year and now exceeds 19 million. This phenomenon shows that investors are confident in the long-term prospects of Ethereum.
The approval of spot ETFs in early 2024 and the rise of ETH staking are the main reasons for the increase in accumulation. A large number of investors began to hold ETH for a long time, expecting future value growth.
At the same time, nearly 29% of the total supply of ETH is locked in staking contracts. This move reduces the seller pressure in the market and provides strong support for the stability and even rise of Ethereum prices.
Currently, Ethereum is trading at $2,649. The 50-day moving average provides support for it, while the 200-day moving average becomes a key resistance point. The relative strength index indicates that there is a mild bullish sentiment in the market, and the Chaikin fund flow, although slightly negative, does not show a reversal of the bearish trend.
Overall, the Ethereum market is at a critical period. Investors' long-term choices and the rise in supply lines have brought more uncertainty and possibilities to its future development. Let us wait and see how Ethereum will continue to perform its wonderful chapter in the future market.
