On-chain CryptoQuant analyst Burakkesmeci, states that the total amount of Ethereum (ETH) in accumulation addresses has jumped to over 19 million as of October 18, 2024. This represents a significant rise of 65% in the amount of Ethereum held in these wallets since the beginning of the year, reflecting growing investor interest in the asset. Ethereum, once seen as a niche for tech enthusiasts, is now becoming a mainstream investment for both individuals and institutions.
Ethereum Accumulation Hits 19 Million ETH
As per Burakkesmeci’s analysis, Ethereum accumulation wallets have grown steadily throughout 2024. At the start of the year, these addresses held 11.5 million ETH, but that number surged to 19 million by mid-October.
This shows that more investors are choosing to hold onto Ethereum, reflecting their confidence in its future potential.
Perhaps, the key reason behind this rise in accumulation is the approval of Ethereum Spot ETFs earlier this year. This move has made Ethereum more accessible to larger investors and has increased trust in the asset. With clearer regulations, Ethereum is now seen as a reliable investment, not just for crypto fans but for mainstream investors too.
Over 20 Million ETH Expected in Accumulation Wallets
Burakkesmeci projects that the amount of ETH in accumulation wallets will exceed 20 million by the end of 2024. With Ethereum’s price likely to reach around $4,000 by year’s end, this would push the total value of these addresses to over $80 billion.
Such an amount would make these Ethereum accumulation wallets comparable to the valuation of some of the world’s largest corporations.
Long-Term Bullishness: ETH Price
Ethereum is currently trading below $2,680 and facing challenges at the $2,665 level. This resistance is close to the key $2,700 mark, which coincides with the 50% retracement level from its recent drop between $2,757 and $2,626. Despite these hurdles, analysts remain hopeful.
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.
