Non-Exchange Ethereum Wallets Accumulating ETH at Record Rates: Santiment
Crypto analytics firm Santiment reveals that the largest non-exchange Ethereum (ETH) wallets are acquiring the second-largest cryptocurrency at an unprecedented pace. According to Santiment, these wallets are exhibiting an encouraging pattern.
The analytics firm highlights that the top 10 non-exchange Ethereum wallets currently possess over 41 million ETH, marking the first time this milestone has been reached. In contrast, the top 10 exchange wallets hold only 8 million ETH, which is a six-month low.
This data suggests a growing trend of users choosing self-custody options for storing their ETH instead of relying on exchanges.
Ethereum’s Price and Trading Signals
At the time of writing, ETH is trading at $2,085, with a 2.26% increase in the past 24 hours and nearly 13% in the past month.
However, not all indicators for Ethereum are bullish. Crypto trader Ali Martinez warns about the Tom DeMark (TD) Sequential indicator on Twitter. This indicator is often used by traders to predict potential trend reversals based on previous closing prices.
Martinez emphasizes that the TD Sequential indicator is currently signaling a sell signal at a crucial resistance level. If this signal holds true, it could lead to a price retraction towards $2,000.
The Road to Recovery for Ethereum
Despite recent gains, ETH remains more than 57% below its all-time high of $4,878 reached in November 2021. The cryptocurrency still has a significant distance to cover before fully recovering from its previous peak.
Hot Take: Non-Exchange Wallets Driving Ethereum Accumulation
Ethereum’s journey to reclaiming its previous highs is being supported by a notable shift towards non-exchange wallets. The increasing number of ETH being stored in self-custody wallets indicates growing confidence among investors in holding and accumulating the cryptocurrency independently.
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