Ethereum is displaying strong signs of potential price growth. The increase in accumulation addresses and the influence of the Spot ETF contribute to this outlook.
Increase in ETH Accumulation Throughout 2024
According to CryptoQuant, the amount of Ethereum in accumulation addresses has significantly increased since the start of 2024, reaching over 19 million ETH. These addresses belong to long-term investors. The launch of the Ethereum Spot ETF in July drew interest from institutional investors, boosting accumulation. Analyst Burakkesmeci predicts further growth to 20 million ETH by the end of the year.
Bullish Patterns and Ethereum Price Predictions
Ethereum price charts are showing bullish patterns, as noted by Basictradingtv on TradingView. This could provide investors with the opportunity to buy in anticipation of further price increases. Current price predictions indicate support at $2,000 and resistance at $4,000. This is supported by growing accumulation and investor interest.
Ethereum Spot ETF as a Key Driver
According to Coinglass, significant inflows into the Ethereum Spot ETF indicate rising interest from institutional investors. The ETF avoids the complexities of managing crypto keys, offering convenience and security. This interest has boosted confidence in Ethereum's long-term potential, reflected in price growth predictions.
Positive accumulation trends and interest in the Ethereum Spot ETF strengthen optimism regarding Ethereum's price forecasts for the end of 2024, despite market volatility.