According to CryptoQuant data, Ethereum accumulation continues to rise. Key network addresses now hold over 19 million ETH, indicating significant investor confidence in the cryptocurrency's long-term prospects.

Increase in Ethereum Accumulation

Verified CryptoQuant analyst Burak Kesmeci reports that 'accumulation addresses' have increased their ETH holdings from 11.5 million at the start of the year, anticipating a possible 20 million by the year's end. This suggests investors anticipate a digital market rally by late 2024.

Impact of ETFs on Ethereum Market

The US Securities and Exchange Commission's approval of Ethereum-based ETFs has significantly impacted the market. This has provided clarity and propelled Ethereum into the mainstream financial sphere, drawing attention from large institutions and individual investors.

ETH Profit Dynamics and Analysts' Expectations

IntoTheBlock data shows that 70% of ETH holders are currently in profit. A consistent 74% of holders keep their assets for over a year, showing confidence in Ethereum's potential. Analysts expect ETH could break the $2,640 resistance level, possibly sparking further rallies.

The growth in Ethereum accumulation and new financial instruments have pushed the asset to new heights. Investor confidence and regulatory support point towards possible further successes for the cryptocurrency.