Blockchainmedia - Ethereum is currently showing strong signs of potential future price increases. The amount collected in accumulation addresses has reached more than 19 million ETH, reflecting a 65 percent increase since the beginning of the year.
This further strengthens investor confidence in the long-term prospects of the cryptocurrency, becoming an important factor in various future Ethereum price predictions. In addition, the positive trend in the Ethereum Spot ETF also supports the potential for its price to increase, attracting more investors.
$ETH Accumulation Increase Throughout 2024
According to data from CryptoQuant, the amount of Ethereum locked in accumulation addresses has been steadily growing since January 2024, when it totaled around 11.5 million ETH.
These accumulation addresses are wallets owned by long-term investors who have not made any withdrawals. This means that they are holding ETH for a longer period of time, indicating confidence in Ethereumâs positive future prospects.
The increase in the amount of ETH in these addresses was also influenced by the anticipation of the launch of the Ethereum Spot ETF last July.
The launch attracted interest from institutional investors looking to gain exposure to ETH without having to directly purchase the cryptocurrency.
CryptoQuant analyst Burakkesmeci also predicts that the total amount of ETH locked in accumulation addresses will increase rapidly in the near future.
âI estimate these addresses will hold over 20 million ETH by the end of the year,â he explained.
This is an important basis for various Ethereum price predictions to reach higher levels.
Ethereum Bullish Pattern and Price Prediction
In addition to accumulation, the price chart also shows a bullish pattern. Based on the Ethereum price prediction revealed by Basictradingtv on the TradingView platform, ETH is currently still on an uptrend and is at an important support level.
âEthereum is still at the support confluence point but is slowly moving higher and higher,â he said.
This pattern provides an opportunity for investors to buy before the potential for further price increases. The 700 percent increase in the past is a reference for many analysts, who support the Ethereum price prediction if the current trend continues.
He also added that the pattern shows that ETH could reach higher price targets in the coming months.
âThis is still a valid bullish breakout and retest, and the overall trend is clearly to the upside,â he added.
The analysis revealed that the points that traders need to pay attention to are US$2,000 as support and US$4,000 as resistance targets.
Thus, the opportunity for a price increase above this level is still wide open, depending on the crypto market conditions and investor sentiment towards Ethereum's development. This optimistic Ethereum price prediction is driven by increasing accumulation and growing investor interest.
Ethereum Spot ETF Becomes Key Driving Factor
Based on the latest data from Coinglass regarding Ethereum Spot ETF Net Inflow, one of the main driving factors influencing the accumulation is the launch of ETFs.
ETFs allow traditional investors to gain exposure to Ethereum without having to hold it directly or manage private keys. This provides convenience and security for investors, attracting significant interest from institutions.
From the data as of October 17, 2024, there was a significant spike in inflow, including ETHA Blackrock with an inflow of US$23.60 million and FETH Fidelity with US$31.10 million.
The surge indicates that positive sentiment is building among institutional investors. The high inflow reflects greater confidence in the long-term potential of the crypto coin, which ultimately affects various Ethereum price predictions.
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