Ethereum accumulation surges, 29% supply staked
The Essentials at a Glance
- The number of long-term Ethereum (ETH) accumulation addresses has significantly increased and now holds over 19 million ETH.
- Nearly 29% of the total Ethereum supply is currently staked, reducing market liquidity.
- These developments could support Ethereum’s price stability and potentially lead to a price increase in the long term.
Long-Term Ethereum Accumulation on the Rise
Ethereum (ETH) has seen a significant increase in long-term accumulation. As of October 18, 2024, over 19 million ETH were held in so-called accumulation addresses. This represents a substantial increase compared to the 11.5 million ETH at the beginning of the year. This development reflects growing investor confidence in Ethereum’s long-term prospects.
Sharp Increase in Accumulation Addresses
According to data from CryptoQuant, the amount of Ethereum held in these specific addresses has nearly doubled since January 2024. Experts predict this figure could surpass the 20-million mark by the end of the year. One of the main reasons for this development is the increasing attention Ethereum has received following the introduction of spot ETFs (Exchange Traded Funds) in early 2024.
Rising Staking Rates
In parallel with accumulation, Ethereum staking has also increased significantly. According to Dune Analytics, 34,600,896 ETH are currently staked, representing nearly 29% of the total Ethereum supply. This high staking rate means that a significant portion of the ETH supply is not available on the market, reducing selling pressure and potentially supporting price stability.
Market Impact
As more ETH is locked in staking contracts, this could stabilize the market in the coming months. Less available ETH on the market means less selling pressure, which could support or even lead to a further increase in Ethereum’s price. This is particularly relevant as Ethereum is currently trading at around USD 2,649, just above key support levels.
Technical Analysis: Ethereum in a Positive Trend
At the time of writing, Ethereum’s price stands at USD 2,649. The 50-day moving average offers strong support at USD 2,476, while the 200-day moving average at USD 3,022 acts as a crucial resistance level. A breakthrough above this mark could pave the way for a longer-term rally.
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The Relative Strength Index (RSI) is at 61.61, indicating moderate upward momentum without the market being overbought. Meanwhile, the Chaikin Money Flow (CMF) shows a slightly negative value of -0.07, indicating limited buying pressure, though not signaling an imminent trend reversal.
Our Assessment
The increasing accumulation and high staking levels of Ethereum suggest that investors are optimistic in the long term. The reduced market liquidity due to staking could support price stability in the short term. Should Ethereum break through the resistance at USD 3,022, this could mark the beginning of a new upward movement. At the same time, the 50-day moving average at USD 2,476 provides solid support in case of market fluctuations.
| Symbol | ETH |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Price | $2,635.80 |
| 24h % | -3.02 % |
| 7d % | 0.72 % |
| 30d % | 1.73 % |
| 60d % | -1.30 % |
| 1y % | 61.53 % |
| Market Cap | $317,608,345,075.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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