$ETH

Ethereum Price Forecast: ETH could retest $2,707 as investors resume accumulation

Cryptos |

Ethereum price today: $2,520

Ethereum on-chain metrics indicate addresses are accumulating again.

Ethereum added 3.64 million holders between September and October, 40% higher than in July and August.

Ethereum could retest the $2,707 resistance if it bounces off the $2,490 support level.

Ethereum (ETH) is down over 1% on Friday. A key technical support level suggests a bounce off $2,490 amid signs of investor accumulation across on-chain metrics.

Ethereum investors have resumed accumulation

Ethereum exchange-traded funds (ETFs) posted $13 million in net inflows on Thursday despite a market-wide correction, per Coin glass data. The positive flows extended their streak to three consecutive days of net inflows, indicating institutional investors are gradually allocating capital to ETH.

ETH's Mean Coin Age metric also signals a similar trend among on-chain holders. Mean Coin Age shows the average number of days that all ETH tokens stayed in their current addresses. A consistent upward slope indicates rising accumulation, and a downward slope signals increased transfer of ETH between addresses..