Ethereum has hit a significant milestone, with its accumulation addresses reaching an all-time high of 22.8 million ETH. These addresses, which only collect ETH without spending, indicate a growing confidence among long-term holders (LTHs) who seem to be positioning themselves for a potential market shift. This remarkable level of accumulation suggests a strong belief in an upcoming price movement, especially as this growth occurs despite Ethereum’s value still being well below its all-time high. Currently, Ethereum is seeing heightened activity, having recorded its largest spike in daily transactions since early 2023, surpassing 1.5 million transactions.
This increase signifies growing usage of the network and rising market speculation, often precursors to bullish trends. Additionally, the stablecoin market is hovering near historical resistance levels, which, in the past, has often led to capital flowing into riskier assets like Ethereum, potentially igniting a broader altcoin season. Despite these encouraging signs, Ethereum must clear some significant technical barriers. As of now, ETH is trading around $2,460, struggling below key resistance levels represented by the 50-day and 200-day moving averages.
The Relative Strength Index (RSI) is around 49, and the Moving Average Convergence Divergence (MACD) has shown signs of flattening, reflecting lingering bearish sentiment. The On-Balance Volume (OBV) is also weak, indicating a lack of strong buying momentum. Nevertheless, if Ethereum can break above the $2,600 resistance level, it could signal the beginning of a journey toward the coveted $3,000 mark. The combination of strong fundamentals and key market signals points to a potentially explosive summer for ETH if it can overcome its current challenges.