Ethereum Accumulation Hits All-Time High With 6 Million ETH Added

Ethereum has experienced a significant surge in accumulation addresses, with 6 million ETH added in June, pushing the total to an all-time high of 22.75 million ETH. This trend indicates growing confidence among large investors in the long-term value of Ethereum. The accumulation is driven by various factors, including the increasing adoption of Ethereum for decentralized finance (DeFi) applications and non-fungible tokens (NFTs), as well as anticipation of upcoming network upgrades that could enhance scalability and security.

SharpLink Gaming's purchase of over 200,000 ETH, valued at approximately $524 million, further underscores the growing institutional confidence in Ethereum. This acquisition, made through spot and over-the-counter (OTC) transactions, highlights the strategic interest of major players in the cryptocurrency market. Meanwhile, early investors have begun taking profits, with one large wallet transferring over 4,000 ETH to an exchange, suggesting a mix of profit-taking and continued accumulation.

Ethereum's price has shown resilience, trading above $2,500 and maintaining a consolidation zone. The asset has seen a 3.79% increase over the past week, with strong buying momentum observed between July 2 and July 4. Despite a brief retracement from above $2,600, Ethereum has managed to hold its position, indicating robust support levels.

The technical structure of Ethereum remains within a well-established trading range between $2,190 and $2,750. Analysts note that the price is consolidating, forming a descending broadening wedge, which could lead to a breakout. The derivatives market also shows bullish sentiment, with options volume rising by 34.49% and open interest standing at $34.19 billion. On Binance, the ETH/USDT long-to-short ratio is 1.28, with top traders showing a ratio of 2.85, indicating strong bullish sentiment.

According to Claire, a market analyst, potential targets for Ethereum if bullish momentum continues include $4,000, $4,500, and $5,000. The growing accumulation and positive derivatives market trends suggest that Ethereum is poised for further gains. However, investors should remain cautious about potential market volatility and monitor the market closely for any changes in sentiment.