• 15 June, 2024
Market News Price Analysis

Ethereum Gains 267,000 ETH Inflows and Surge in New Addresses: Report

Ethereum (ETH) has recently demonstrated signs of stabilization around the $3,700 mark after enduring selling pressure the previous week. The resilience of Ethereum’s on-chain indicators suggests a potential for upward buying pressure, signaling robust investor confidence.

Renowned analytical platform IntoTheBlock has provided notable insights in a recent X post. The platform revealed that on Thursday, large ETH holders recorded a net inflow of 267,000 ETH, marking the highest daily accumulation since March. This substantial inflow indicates that significant investors are bolstering their positions in Ethereum, reflecting a strong accumulation trend.

Crypto analyst Ali Martinez also highlighted a significant development in the Ethereum market. Over the past three weeks, there has been a 3% increase in the number of addresses holding 10,000 or more ETH. This uptick points to a notable surge in buying pressure as more large-scale investors show increased interest in the cryptocurrency.

Source: Image by Ali

Further analysis from Glassnode reveals a continued influx of new Ethereum addresses despite a generally weak market sentiment. The number of new addresses exceeds 105,000, illustrating sustained engagement and interest in the Ethereum network. This growth is particularly noteworthy given the declines at the beginning of the month. The upward trend in new addresses indicates a strong underlying demand, poised to rise further as spot trading gains momentum.

Source: Image by Glassnode

As of press time, Ethereum is trading around $3,675, reflecting a modest decline of 0.74% in the last 24 hours. Analyzing Ethereum’s daily price trend shows slight gains over the past two days, following a 3% drop on June 7 that saw prices fall from the $3,800 range. 

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The continued influx of new addresses and the substantial accumulation by large holders underscore growing confidence in Ethereum’s long-term prospects. This optimism persists despite short-term market fluctuations, with significant investors and new entrants showing faith in the cryptocurrency’s potential.

IntoTheBlock’s data underscores this trend, highlighting the strategic moves by large holders who are strengthening their positions. Martinez’s observations further support this positive outlook, emphasizing the rise in substantial ETH holdings.

As Ethereum continues to navigate the fluctuating market, its stabilization around $3,700, coupled with the increasing interest from both new and large-scale investors, paints a promising picture for its future. The market’s next moves will be crucial in determining the broader implications for Ethereum and the wider cryptocurrency landscape.

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