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Ethereum addresses holding more than 1 Ether hits record high as ETH holds $3.8K

Himadri Saha
By Himadri Saha 4 Min Read
Ethereum addresses holding more than 1 Ether hits record high as ETH holds $3.8K
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  • Ethereum addresses holding more than 1 Ether (ETH) reached a record high.
  • The increment in Ether wallets coincides with ETH’s market strength.
  • ETH/USD entered a consolidation phase but could rally up higher again.

KOLKATA (CoinChapter.com) – Ether’s bullish market outlook led to the ETH/USD pair consolidating within the $3,650-4,000 range. It also prompted an exponential rise in the number of Ethereum addresses holding more than one ETH.

Contents
1+ ETH Holding Ethereum Addresses Reach ATHNumber 2 Cryptocurrency Looking StrongETH/USD Technical Setup

Related: Number of Ethereum addresses in profits hit record high as ETH crosses $3.6K

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1+ ETH Holding Ethereum Addresses Reach ATH

Bullish Ether buyers continued stacking ETH despite the recent major drawdowns that led to significant ETH/USD price corrections. As the pair approached $4,000, the number of Ethereum addresses holding more than one coin neared 1.4 million.

“#Ethereum $ETH Number of Addresses Holding 1+ Coins just reached an ATH of 1,341,789

Previous ATH of 1,341,436 was observed on 15 October 2021″

crypto market data analytics firm Glassnode reported

Ethereum wallet addresses holding 1+ ETH have been on the rise since the beginning of 2021.

During Ether’s ascension to its last all-time high above $4,000, the number trended around 1.2 million. But the London Hard fork triggered an exponential rise in single-digit ETH holdings—all the more due to the Ether supply scarcity feature that kicked in after EIP-1559 activation featured in the upgrade.

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Related: More Ethereum (ETH) moves out of crypto exchanges as London hard fork approaches

First-time ETH investors also contributed to the rise in Ethereum addresses with 1+ coins. They joined the Ether bandwagon after analyzing claims calling for the top smart contract coin’s price rise to 5-figures in the ongoing bull cycle.

https://twitter.com/ecoinometrics/status/1450084255338573831

Including face-melting price calls from crypto analysts at banking giant Standard Chartered, who predicted ETH/USD to top at $35,000 during the current run.

Related: Can ETH hit $35,000? This Standard Chartered Ethereum investor guide says yea

Number 2 Cryptocurrency Looking Strong

Ether corrected by more than 60% during the market crash that lasted May, June, and July. But bullish momentum eventually pushed the number 2 cryptocurrency to $4,000. The ETH/USD pair is currently trading within the $3,650-4,000 range and is around $400 short of closing above its previous all-time of $4,400.

The rebound of Ethereum’s native blockchain asset from bearish depths led to a sentiment recalibration, thereby leading new entrants/long-term holders to increase their ETH exposure. In addition, rising institutional demand further added fuel to the trend.

Related: Ethereum Price Hits $3,000-Milestone; Are Institutions Behind The Latest Bull Run?

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ETH/USD Technical Setup

Buyers took over after the ETH/USD pair dropped below 50 on the relative strength index (RSI) meter. As a result, the pair rose to the neutral RSI zone (50) and is awaiting further capital infusion to continue its rally to the upside. In technical terms, RSI numbers below 50 or a few points above 50 trigger bullish price action.

Ethereum's ETH looks primed for renewed bullish price action
Ethereum’s ETH looks primed for renewed bullish price action. Source: ETHUSD on TradingView.com

Additionally, ETH retested and bounced off the lower trendline of the Ascending Channel setup at $3,677. Bulls have now set their target at $4,100. And are looking to reclaim the said price barrier to close the gap with the previous ATH.

RSI follows the ETH/USD pair’s uptrend momentum, indicating that the timing is right to enter long positions on the Ethereum token.

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Himadri Saha

Himadri is an active investor in cryptocurrencies and upcoming blockchain technology projects. He has been a part of the digital asset space since 2017 and has held multiple positions as Social Media Manager, Assistant Editor, Sponsored Content Manager, Cryptocurrency Journalist roles in reputed news outlets like NewsBTC, Bitcoinist and CryptoPotato. He has also helped numerous blockchain projects gain prominence through terse and succinct marketing/technical content. Himadri comes with a marketing and engineering background, and has worked with reputed names such as GE Healthcare, Volvo Trucks and Polycom before moving into crypto.

163 Comments

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