The Ethereum cryptocurrency has recently shown significant signs of bullish market sentiment, with key metrics pointing to increased investor interest and potential price momentum. According to data from analytics firm Santiment, Ethereum’s top wallet holders have significantly increased their holdings, collectively adding over $124 billion worth of Ether to their wallets.
This accumulation by large investors has been accompanied by a decline in exchange-based ETH supply, which has dropped nearly 20% over the past six months. This suggests that more holders are moving their Ether off exchanges, possibly for long-term holding, reducing the available supply for trading and potentially putting upward pressure on prices.
Further reinforcing the positive outlook is a report from IntoTheBlock, which highlighted an increase in active and new Ethereum addresses over the past week. This increase in engagement with the Ethereum network coincides with a spike in new Ethereum wallets, which reached 94,700 on Tuesday. This level of activity has not been seen since July, when Ethereum began its upward price trend.
In addition, Ethereum recently crossed an important psychological threshold by breaking through the $2,000 mark. Traders and investors are now watching closely to see if it can match or exceed the May high of $2,200.
These developments reflect growing confidence in Ethereum’s market position as it continues to attract new users and investment. With several indicators pointing to a bullish trend, the Ethereum community and potential investors are keeping a close eye on the market’s next moves.
