Ethereum (ETH) Rebounds From Key Support, Institutional Investors Continue AccumulationEthereum (ETH) declined over 1% on Friday, but a key technical support level suggests a bounce from $2490, with signs of accumulation evident in on-chain metrics.Institutional Investors Continue to Flood into EthereumDespite the broader market correction, Ethereum exchange-traded funds (ETFs) saw a net inflow of $13 million on Thursday, marking three consecutive days of inflows, highlighting the gradual allocation of institutional funds to ETH
Ethereum (ETH) Rebounds From Key Support, Institutional Investors Continue Accumulation
Ethereum (ETH) declined over 1% on Friday, but a key technical support level suggests a bounce from $2490, with signs of accumulation evident in on-chain metrics.
Institutional Investors Continue to Flood into Ethereum
Despite the broader market correction, Ethereum exchange-traded funds (ETFs) saw a net inflow of $13 million on Thursday, marking three consecutive days of inflows, highlighting the gradual allocation of institutional funds to ETH.
On-Chain Data Shows Accumulation Trend
Coinglass data reveals a similar accumulation trend among on-chain holders, as evidenced by the average age of coins metric for Ethereum. This metric reflects the average number of days all ETH tokens have been held in their current addresses. A consistent upward slope signifies increasing accumulation, while a downward slope indicates increased ETH transfers between addresses.
According to Santiment data, the average age of ETH has been trending upwards since August 23, with a slight dip on October 25. However, the upward trend has resumed, indicating that addresses are once again accumulating the top altcoin.
Whale Activity Aligns with On-Chain Data
On-chain data platform EmberCN's recent whale activity findings align with Santiment's data. According to EmberCN, a notable whale has accumulated 19,772 ETH, worth approximately $49.62 million, over the past three days. Since September 17, this whale has withdrawn 54,272 ETH, worth around $137 million, from Bybit and Binance.
Ethereum Holder Count Accelerated Growth
Meanwhile, the total number of Ethereum holders has also accelerated over the past two months, adding 3.64 million to reach 130.52 million, a 40% increase from September to October compared to July and August. This indicates a growing appetite for ETH among investors.
Ethereum Price Prediction: Rebound to Retest Resistance
Ethereum traded close to $2510 on Friday, down 1.5% for the day. Over the past 24 hours, liquidations amounted to $45 million, with $34.24 million in long liquidations and $10.98 million in short liquidations.
The top altcoin could bounce from support near $2490 and retest resistance near $2707. If it breaks through this resistance level successfully, ETH's target will be reclaiming the $2817 level, which served as key support for approximately four months from April to July.
Technical Indicators Indicate Moderate Bullish Pressure
If ETH regains the $2817 level and remains above the long-term moving averages like the 50-day and 200-day Simple Moving Averages (SMAs), it could rebound to the psychological level of $3000.
Momentum indicators like the Relative Strength Index (RSI) and Awesome Oscillator (AO) are slightly above their midpoints, suggesting moderate bullish pressure. A daily candlestick close below $2490 would invalidate this argument.
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