Ethereum reached a historic record in accumulation inflows despite a drop in price. Active addresses are rising, yet DeFi activity remains low.
Record Accumulation of Ethereum
On April 22, Ethereum recorded its largest one-day accumulation with 449,000 ETH moving into accumulation addresses, amounting to approximately $786 million at an average price of $1,750. This influx reflects strong conviction among long-term holders amidst a broader market downturn.
Increase in Active Addresses and Weak DeFi Activity
The number of active Ethereum addresses rose from 306,211 to 336,366 between April 20 and 22, marking a 10% increase. However, DeFi activity remains stagnant with DEX volumes averaging 1.3 million transactions weekly, indicating weak user engagement.
Key Resistance Levels and the Market
Currently, Ethereum faces a resistance level at $1,895, supported by the accumulation of 1.64 million ETH. Technical signals suggest that a close above $2,142 is essential to invalidate the current downtrend pattern.
Despite significant accumulation inflows and an increase in active addresses, Ethereum faces numerous challenges on the path to recovery, including low DeFi activity and crucial resistance levels.
