ETH may retest $2,707 as investors buy again
Ethereum on-chain measurements show address accumulation again.
Between September and October, Ethereum gained 3.64 million holders, 40% more than July and August.
If Ethereum rebounds from $2,490, it might challenge $2,707 barrier.
Friday saw Ethereum (ETH) drop over 1%. With investor accumulation across on-chain indicators, a crucial technical support level supports a rebound off $2,490.
Ethereum investors are accumulating again
Coinglass statistics showed $13 million in net inflows for Ethereum ETFs on Thursday despite a market downturn. The net inflows continued for three days, showing institutional investors are steadily investing in ETH.
ETH's Mean Coin Age shows a similar trend among on-chain holders. Mean Coin Age indicates the average number of days all ETH tokens were in their addresses. A constant upward trend implies accumulation, whereas a falling slope suggests ETH movement between addresses.
Santiment data shows ETH's Mean Coin Age rising from August 23 until a minor fall on October 25. However, the upswing has restarted, suggesting addresses are acquiring the top altcoin again.
Santiment and EmberCN's whale activity statistics match.
In three days, a prominent whale collected 19,772 ETH worth $49.62 million, according to EmberCN. Since September 17, the whale has taken 54,272 ETH worth $137 million from Bybit and Binance.
Ethereum's total holdings rose 3.64 million to 130.52 million during September and October, 40% more than in July and August. This indicates ETH investors' rising interest.
Ethereum is down 1.5% to $2,510 on Friday. The preceding 24 hours saw $45 million in liquidations, $34.24 million long and $10.98 million short.
The top cryptocurrency may rebound from $2,490 and retest $2,707. ETH will try to recapture $2,817, a critical support level from April to July, if it breaks this barrier.
Reclaiming $2,817 and maintaining a prolonged rise over the 50-day and 200-day SMA might help ETH reach $3,000 psychologically.
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