Ethereum Accumulator Addresses See Massive 400,000 ETH Inflow in a Single Day

In a steep sell-off that gripped the crypto market due to macroeconomic concerns, Ethereum (ETH) briefly fell below $3,900 before marginally recovering above this ￰0￱ it is still down by more than 2% over the past day, fresh analysis from CryptoQuant reveals that it is witnessing a historic surge in accumulation. Long-Term ETH Holders Increase Positions Data shows that accumulator addresses, which happen to be wallets that have made at least two purchases without a single sale, are absorbing ETH at impressive ￰1￱ 400,000 ETH flowed into these wallets on September 24th alone, following a record-breaking 1.2 million ETH less than a week ￰2￱ figure represents the first time such massive inflows have been recorded and depicts a strong long-term holder ￰3￱ explained that some of these wallets may belong to institutional players or entities connected to ETH exchange-traded funds (ETFs), which have seen growing ￰4￱ Fear & Greed Index shows that “fear” is driving the sentiment, but analyst Ted Pillows said that Ethereum testing the $3,800 liquidity level was already ￰5￱ crypto has since bounced back but remains below the crucial $4,060 support ￰6￱ to his analysis, reclaiming this support level could trigger a fresh rally and point to a renewed bullish momentum.

However, if it fails to hold above $4,060, the probability of a downside move also ￰7￱ a break could push prices toward $3,600. In a statement to CryptoPotato , Arthur Azizov, Founder and Investor at B2 Ventures, said that the latest decline is “a classic “risk-off squeeze:” leverage is shrinking, liquidity is thinning, and short-term players step back.” Even as Ethereum’s fundamentals, such as staking demand, DeFi use, and Layer 2 growth, are still solid, macro headlines outweigh on-chain ￰8￱ went on to add that the asset has three paths – “If the Fed’s tone remains dovish and shutdown risks disappear, ETH could easily rebound to the $4,500-$5,000 ￰9￱ likely is the temporary consolidation in the $3,500-$4,500 band until flows stabilize.” Market Experts Remain Bullish Several other market experts have also leaned bullish despite the major ￰10￱ Tardigrade also said that “Ethereum is gathering momentum for an upcoming massive surge.” Meanwhile, Michaël van de Poppe, founder of MN Fund and a well-known crypto analyst, further stated that Ethereum is now in an “ideal zone” for ￰11￱ added that this area represents a higher timeframe support test, which makes it an important level for long-term buyers to consider.

Additionally, the altcoin is also approaching its 20-week moving average, which has historically acted as a strong support point in previous cycles.