Number of holders with 1 ETH hits new ATH
Ethereum accumulation patterns pointed to bullish trends. Whales, as well as small investors, have started filling their bags with the altcoin after the crash that took it to the $2,100 level. This time it is small farmers who are accumulating because the number of wallets with at least 1 ETH, their balances do not reach a new high.
New Milestone for Ethereum
The latest milestone for the digital asset has come after a disappointing week in the market. As the number of active investors in the crypto space continues to rise, so does the number of investors who increase their holdings over time.
Related literature | Which cryptocurrencies suffered the worst collapse since all-time highs?
Previously, the number of Ethereum addresses with at least 1 ETH had hit a new record of 1,407,198. This had happened in the third week of January. Now, barely a week after that, Ethereum has hit another milestone with this stat.
On-chain analytics firm Glassnode reported Wednesday that the network had broken its previous record. The new number is now on 1,407,532 active addresses with at least 1 ETH in their balance.
Previous ATH of 1,407,198 was observed on January 21, 2022
— glassnode alerts (@glassnodealerts) January 26, 2022
Glassnode also reported that the number of ETH addresses lost has hit a new all-time high in 19 months. There are now a total of 22,673,372 ETH addresses that have invested in the loss-making digital asset.
Bull rally coming up?
Market sentiment is still negative, so going back to a bull rally might be a bit far fetched right now. However, this won’t be the first time the crypto market would have jumped straight into another bull rally when sentiment was low. Investors may be wary of putting money into digital assets like Ethereum, but that doesn’t mean they aren’t putting money into the market.
Related literature | Ethereum Whales Quietly Filled With ETH As The Broader Market Freaked Out
Ethereum whales have also been very active during this downtrend, filling their pockets with the ETH being dumped into the market. Addresses with more than 10,000 ETH in their balances had collectively purchased about $500 million worth of ETH after the crash. It may not lead to a turnaround, but it is enough to serve as a stopover as the market reinvents itself.
ETH trending at $2,400 | Source: ETHUSD on TradingView.com
On the price side, Ethereum has since recovered from its low of $2,100. It tended towards $2,700 but lost at the $2,750 resistance point. Since then, ETH has been consistently trading in the $2,400 area. With low momentum expected over the weekend, the digital asset is likely to continue this trend through Monday.
ETH is currently trading at $2,420 at the time of writing, down 3.12% in the last 24 hours.
Featured image from Blockchain News, chart from TradingView.com