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- Ethereum has broken into the $2,300 price range for the first time in over a year.
- Non-exchange wallets now hold over 54 million ETHs.
Ethereum [ETH] has entered a fresh price range, marking the first shift in over a year. This new range has created an opportunity for a sustained price increase, as shown by the accumulation of various top addresses.
Ethereum’s top addresses display different accumulation patterns
Recent data from Santiment showed different accumulation patterns between top exchange and non-exchange Ethereum addresses in the past few months.
A detailed analysis of the accumulation trend showed that top non-exchange addresses have been piling Ethereum across various price ranges.
Due to this, the volume of ETH held by these addresses has steadily increased. Presently, these non-exchange addresses collectively hold over 54 million ETH.
Source: Santiment
In contrast, the accumulation behavior of top exchange addresses was different. The data showed that these addresses sell their holdings during price rises.
As of this writing, top exchange addresses currently hold around 9 million ETH.
According to Santiment’s chart, the combined holdings of these top addresses represent around 38% of the total Ethereum supply.
This different accumulation pattern could influence the upward movement of ETH prices. The stability of non-exchange addresses showed a lower likelihood of engaging in sell-offs.
In contrast, the profit-driven behavior of exchange addresses showed the likelihood of selling once there was a price increase. The exchange addresses capitalize on price peaks for profit-taking.
Ethereum breaks into new price range
As of the close of trading on the 7th of December, Ethereum marked a notable breakthrough into a new price range, as indicated by its daily timeframe chart.
The chart showed a 5.5% surge in value, culminating in a closing trade at over $2,300. This achievement marked the first instance since June 2022 that Ethereum had reached this particular price level.
Source: TradingView
Read Ethereum’s [ETH] Price Prediction 2023-24
Also, at the time of this update, Ethereum was trading at around $2,370, reflecting a slight increase of less than 1%. Notably, all indicators on the chart showed a positive price trend.
The Relative Strength Index (RSI) stood slightly above 75, residing in the overbought zone at the time of this report.
