Some of the largest Ethereum wallets are holding coins, which marks the beginning of a new accumulation phase. These stakeholders may try to avoid selling ETH until they pledge their assets into ETH 2.0.
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Seeing bullish signs from ETH accumulation
At press time, Ethereum set its price at $ 232.07, avoiding the fate of falling below $ 200 again. Now, there are more signals of activity as large ETH wallets show signs of accumulation. According to Santiment analysis, the accumulation of ETH may be an indirect indicator that predicts that the price will change.
Despite having been integrating for the past two weeks, the top 100 holders of #ETH have started to accumulate a higher percentage of total token supply again. Generally, when this accumulation starts, it indicates that those who have the largest share in ETH (and various other tokens) begin to have an undervalued collective sentiment and consider it a good medium-to-long-term goal. Sometimes these price increases take a bit of time after these accumulations increase, but it usually bodes well for ETH bulls.
Santiment commented that the effects of this accumulation may not immediately translate into bullish price action. However, this trend indicates that Ethereum stakeholders believe that holding ETH is more important.
ETH is not just a basic trading currency and a speculative asset. The Ethereum network still plays an important role in Decentralized Finance (DeFi), and Dapp game applications or other entities still need ETH to pay for gas.
ETH trading volume also remains high, with a trading volume of over $ 17 billion in 24 hours. Over the past few weeks, the number of ETH transactions has increased slightly, while mining activity has also surged. Despite its recent drop of $ 280, ETH seems to have established itself as one of the driving forces behind the growth of the cryptocurrency market.
Ethereum's high liquidity during USDT inflow
Another bullish factor for ETH is that the network will now carry more Tether (USDT), and a large number of Tether (USDT) has been switched from the TRON network to the Ethereum network. .
ETH benefits from gas costs associated with Tether smart contracts and direct USDT liquidity inflows. Every day, more than $ 2 billion flows from USDT trading pairs into ETH. ETH has a relatively stable market value advantage and currently accounts for about 10% of the total market value of cryptocurrencies.
However, in the short term, market trends remain unknown. ETH remains bearish in the lower price range. ETH price is also closely related to the performance of Bitcoin (BTC) and the overall market sentiment.
The accumulation of ETH's largest wallet also reminds people of the fact that PlusToken Run and other whales may put downward pressure on prices through sales. Currently, Bitfinex has the largest ETH wallet, while DeFi and wETH are second. The top 10 ETH wallets also include the PlusToken wallet, which has nearly 800,000 ETH. The EthDev wallet holding more than 593,000 ETH is still unused. Ethereum's move to PoS is also the driving force for holding coins.