The number of Ethereum (ETH) accumulated addresses is rapidly increasing, and the number of addresses currently held exceeds 19 million ETH, almost doubling from 11.5 million in January 2024. This significant increase marks a significant institutional milestone following the approval of the Spot Ethereum ETF earlier this year. Adopted. According to CryptoQuant data, analysts predict that accumulated addresses will exceed 20 million ETH by the end of the year, and the value of these holdings could be around $80 billion, or $4,000 in ETH.
ETH/USD technical analysis points out key resistance levels
ETH is currently trading at $2,649 and is testing key resistance levels around $2,640 to $2,650. The asset holds support above the 50-day moving average of $2,476, but faces strong resistance at the 200-day moving average of $3,022. The relative strength index (RSI) is 61.61, indicating moderate bullish momentum without entering overbought territory. Renowned analyst Karl Runefeld identified an ascending triangle pattern and suggested $2,800 could be a breakout target.
Centralization concerns emerge amid staking growth
Despite the positive price trend, Ethereum co-creator Vitalik Buterin expressed concerns about the centralization of staking. Two entities, with approximately 30% of ETH currently staked, dominate block production and built 88.7% of all Ethereum blocks in early October. Buterin proposed several solutions to address these centralization risks through the “Scourge” phase of Ethereum’s technology roadmap, including limiting the amount of staking and implementing a two-tier staking model.
According to data from IntoTheBlock, overall market sentiment remains bullish, with 71% of Ethereum holders currently in profit. Long-term holders dominate the market, with over 74% of addresses holding positions for more than a year. The next few weeks could be critical in determining the medium-term price trajectory as Ethereum approaches a key resistance level.
