Massive accumulation on Ethereum: Heading Towards New Heights!

The crypto market has revived optimism among investors for some time now. Most major cryptocurrencies, such as Bitcoin, Ethereum, and XRP, have recorded significant gains over the past four weeks. For Ether (ETH), on-chain and technical indicators suggest the imminent arrival of a major bullish wave.

Positive signals from on-chain indicators

After hitting critical support around $1520 in October, Ethereum (ETH) has bounced back by over 30% so far. Currently, the price of Ethereum is at $2,020 on Binance.

This increase is part of a major crypto market recovery, led by Bitcoin, which is now reaching $38,000. For Ethereum, the current rise appears to be the beginning of the long-awaited bull run, as on-chain indicators suggest further upward movement.

According to data from IntoTheBlock, the amount of crypto sent to exchanges for selling purposes is lower than the outflows over the past 7 days. Let’s look at the chart below:

We can see that investors have transferred 263,520 ETH from crypto exchange wallets to cold wallets between November 3rd and November 9th. These transactions thus suggest accumulation by long-term investors.

This indicates that, as the price of Ethereum rises, some investors choose to accumulate more. The total value of these purchases is around half a billion dollars, calculated at the average price. With a cumulative trading volume of about 50 billion, this is particularly exciting accumulation.

Ethereum Crypto Price Predictions

On October 8th, the total value of ongoing investments in Ethereum was $4.2 billion. Today, it has reached more than $5.42 billion, indicating a steady increase in prices in the short and medium term.

After consolidating in the range between $1867 and $1766, Ethereum has finally made a major breakthrough. On the daily chart, a significant increase in price can be observed, nearing the annual high of $2138. This level could play a major resistance role for the second-largest cryptocurrency by market capitalization.

If Bitcoin maintains its current trajectory, Ether (ETH) could possibly reach a new annual high of $3000. However, caution should be exercised due to potential profit-taking from investors who bought in since $1520. IntoTheBlock also indicates that 73% of Ether holders are in profit at the current price.

However, positive signals from on-chain indicators and technical analysis suggest further upward movement for this cryptocurrency. What will be the next target for Ethereum (ETH)?