- 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.
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.
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.
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.
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.
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.
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.