Could 4000 Be Next as Ethereum Accumulation Wallets Surpass 19 Million ETH
According to Burakkesmeci, a crypto analyst at CryptoQuant, the total amount of Ethereum (ETH) held in accumulation addresses has surged to over 19 million as of October 18, 2024. This represents a significant increase of 65% since the beginning of the year, indicating a growing interest in Ethereum among investors. Once considered a niche investment for tech enthusiasts, Ethereum is now becoming a mainstream choice for both individuals and institutions.
Ethereum Accumulation Reaches 19 Million ETH
Burakkesmeci’s analysis reveals a steady growth in Ethereum accumulation wallets throughout 2024. At the start of the year, these addresses held 11.5 million ETH, but this number has surged to 19 million by mid-October.
Retail On-Chain Activity Resumes After 4 Months
“In the last 30 days, retail demand has grown by approximately 13%, reflecting a scenario similar to that seen in March when we were close to the previous all-time high,” said @caueconomy in a recent post.
This indicates that more investors are opting to hold onto Ethereum, demonstrating their confidence in its future potential.
The approval of Ethereum Spot ETFs earlier this year is likely a key factor behind this increase in accumulation. This move has made Ethereum more accessible to larger investors and has bolstered trust in the asset. With clearer regulations, Ethereum is now viewed as a reliable investment not only for crypto enthusiasts but also for mainstream investors.
Over 20 Million ETH Expected in Accumulation Wallets
Burakkesmeci predicts that the amount of ETH held in accumulation wallets will surpass 20 million by the end of 2024. Coupled with Ethereum’s expected price of around $4,000 by year-end, this would push the total value of these wallets to over $80 billion.
Such a substantial value would bring these Ethereum accumulation wallets on par with some of the world’s largest corporations in terms of valuation.
Long-Term Bullish Outlook: ETH Price
Currently trading below $2,680, Ethereum is facing challenges at the $2,665 level, which is close to the key $2,700 mark. This level coincides with the 50% retracement level from its recent drop between $2,757 and $2,626. Despite these obstacles, analysts remain optimistic.
They predict that as more investors accumulate ETH, the price could reach $4,000 by the end of the year, indicating strong long-term confidence in Ethereum’s potential.