IMPORTANT POINTS:
- Major wallets not associated with Ethereum exchanges are accumulating ETH at record rates, according to Santiment.
- The top 10 non-exchange Ethereum wallets now hold over 41 million ETH.
- Despite the recent gains, ETH remains significantly below its all-time high.
Leading crypto analytics firm Santiment claims that the largest non-exchange Ethereum (ETH) wallets are acquiring the second-largest digital asset at record rates.
According to Santiment, Ethereum wallets are “forming an encouraging pattern.”
The analytics firm notes that Ethereum’s top 10 non-exchange wallets now hold more than 41 million ETH for the first time, while the top 10 exchange wallets hold just 8 million ETH, a six-month low.
“More currencies continue to move toward self-management.”
Movements and predictions in the Ethereum market
ETH is trading at $2,101 at the time of writing and is up 2.26% in the last 24 hours and almost 13% in the last month.
However, not all Ethereum metrics are bullish. Crypto trader Ali Martinez tells his 34,100 followers on social media platform X to pay attention to the Tom DeMark Sequential (TD) indicator.
The TD Sequential indicator is used by traders to predict possible trend reversals based on the closing prices of the previous 13 bars or candles.
Martinez says,
“The track record of the Sequential TD speaks for itself! Its accuracy in predicting ETH price movements on the four-hour chart is remarkable.
Currently, it is showing a sell signal at a key resistance level. If this signal holds, we could see ETH retreating and heading towards $2,000.”
Despite its recent gains, ETH remains more than 57% below its all-time high of $4,878, which it reached in November 2021.
