Ethereum (ETH) has grown more than 8% in the last 48 hours, up from around $2,400 on July 1st. Almost At the time of writing, it was $2,600. The latest on-chain analysis reveals that both the accumulation address and liquid staking volume are approaching an all-time high (ATH), promoting optimism that could soon follow the price of ETH.
Ethereum liquid staking, accumulation deals with near historic highs
According to a recent cryptographic quick take post by contributor Carmelo_aleman, Ethereum's liquid staking activity has seen a noticeable increase since June 1. The total amount of esthetics had increased from 34.54 million to 3552 million by June 30th.
As of July 1, ETH set a new record for Liquid Staking, reaching 3,556 million ETH. A closer look suggests that most accumulation addresses are linked to institutional investors, exchange trade funds (ETFs), and other large holders.
Many of these investors choose to earn returns through liquid staking while waiting for a substantial price increase. The biggest beneficiaries of this trend include decentralized financial (DEFI) protocols such as Lido and Binance Liquid Staking.
In addition to rising liquid staking, ETH storage addresses are also approaching record highs. As shown in the following ETH Cohort Study Chart, these addresses increased by 35.97%, from 1672 million on June 1 to 2274 million on June 30.
For beginners, Ethereum's accumulation address is a wallet that acquires and holds ETH without significant outgoing transactions, often excludes known exchanges, miners, or smart contract addresses. These addresses usually represent entities that accumulate ETH without actively selling, indicating long-term investors' trust.
Another value to emphasize is that the realisation price (average acquisition cost) for these accumulation addresses was $2,114 on July 1st. ETH is $2,593 at the time of writing, so these accumulated addresses sit at a healthy profit of around 22.65%.
Eth was ethed for a breakout?
Technical analysis suggests that ETH may be ready for breakout in the short term. In a recent post, we have a Crypto analyst Titan of Crypto pointed That ETH appears to be ready to break out of the weekly chart-spreading wedge pattern.
It appears that institutional interest in Ethereum is also strengthening. In particular, Eth may have found his own “micro-strategy moment” with Tom Lee and Joe Lubin clearly Plans to accumulate important ETH locations.
That said, ETH must maintain support above the $2,200 level. Breakdown below this threshold is possible I'll open the door For a low drop of $1,160. At the time of pressing, ETH has been trading at $2,593, up 1.7% over the past 24 hours.
Featured images from Unsplash, Cryptoquant and TradingView.com charts
