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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 level.<\/p>\n
While 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.<\/p>\n
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 levels. Nearly 400,000 ETH flowed into these wallets on September 24th alone, following a record-breaking 1.2 million ETH less than a week ago.<\/p>\n
This figure represents the first time such massive inflows have been recorded and depicts a strong long-term holder behavior. CryptoQuant explained<\/a> that some of these wallets may belong to institutional players or entities connected to ETH exchange-traded funds (ETFs), which have seen growing demand.<\/p>\n Crypto Fear & Greed Index shows that \u201cfear\u201d is driving the sentiment, but analyst Ted Pillows said<\/a> that Ethereum testing the $3,800 liquidity level was already predicted. The crypto has since bounced back but remains below the crucial $4,060 support region. According to his analysis, reclaiming this support level could trigger a fresh rally and point to a renewed bullish momentum.<\/p>\n However, if it fails to hold above $4,060, the probability of a downside move also increases. Such a break could push prices toward $3,600.<\/p>\n In a statement to CryptoPotato<\/em>, Arthur Azizov, Founder and Investor at B2 Ventures, said that the latest decline is \u201ca classic \u201crisk-off squeeze:\u201d leverage is shrinking, liquidity is thinning, and short-term players step back.\u201d Even as Ethereum\u2019s fundamentals, such as staking demand, DeFi use, and Layer 2 growth, are still solid, macro headlines outweigh on-chain strength. Azizov went on to add that the asset has three paths \u2013<\/p>\n \u201cIf the Fed\u2019s tone remains dovish and shutdown risks disappear, ETH could easily rebound to the $4,500-$5,000 range. More likely is the temporary consolidation in the $3,500-$4,500 band until flows stabilize.\u201d<\/p>\n<\/blockquote>\n Several other market experts have also leaned bullish despite the major setback. Trader Tardigrade also said<\/a> that \u201cEthereum is gathering momentum for an upcoming massive surge.\u201d<\/p>\n Meanwhile, Micha\u00ebl van de Poppe, founder of MN Fund and a well-known crypto analyst, further stated<\/a> that Ethereum is now in an \u201cideal zone\u201d for accumulation. He added that this area represents a higher timeframe support test, which makes it an important level for long-term buyers to consider.<\/p>\n Additionally, the altcoin is also approaching its 20-week moving average, which has historically acted as a strong support point in previous cycles.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n\n
Market Experts Remain Bullish<\/h2>\n
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