The price of Ethereum has reached its highest level in two months. Chain indicators indicate that the accumulation of assets is accelerating.
Ethereum is up 6.7% over the past 12 hours. The asset’s price reached $1,410 during this morning’s Asian trading session, the highest since the 26% plunge on November 9.
The asset is on track to recover most of its losses following the FTX crash and subsequent market slump.
Ethereum is currently trading near the peak of the 2018 market cycle and appears to be acting as resistance.
Addresses with balances of less than 10, 000 coins continue to accumulate Ethereum
Analysis platform Santiment reports active ETH accumulation by wallets holding 100 to 10, 000 coins. The number of such addresses is currently 48, 556. This is the highest level since February 2021.
Ethereum stacking has also reached another milestone: the Beacon Chain has now locked up 16 million ETH, or 13.3% of its total supply. At today’s prices, that is about $22.4 billion. Additionally, Ethereum issuance is virtually zero: 0.006% per year, according to Ultrasound Money Tracker.
What can we expect from ETH prices in the near future?
For ETH to maintain momentum, it will need to overcome resistance at this level. Next up is $1600, which was last reached by the Ethereum price on November 6.
At the time of publication of this article, ETH was trading at approximately $1400, up 11.6% week over week. This is 71.3% below the peak reached in November 2021. All results could not be downloaded.