Ethereum Makes a Move
Ethereum’s price has jumped over 8% in the last two days, pushing from around $2,400 at the start of July to nearly $2,600 as of now. It’s not just the price action catching attention—new data shows accumulation addresses and liquid staking are inching toward record levels. That’s got some thinking ETH might be gearing up for something bigger.
But let’s not get ahead of ourselves. Markets are unpredictable, and Ethereum’s had its share of ups and downs. Still, the numbers are hard to ignore.
Liquid Staking Sees a Surge
According to a CryptoQuant analysis by Carmelo_Aleman, liquid staking has been picking up steam since June. The total ETH staked climbed from 34.54 million to 35.52 million by the end of the month—almost a million ETH added in 30 days. By July 1, it hit a new high of 35.56 million.
A lot of this activity seems tied to big players—institutions, ETFs, and deep-pocketed holders. Many are using liquid staking to earn yield while waiting for prices to rise. Protocols like Lido and Binance Liquid Staking are seeing the most traction, likely because they’re well-established and relatively easy to use.
Accumulation Addresses on the Rise
It’s not just staking. Wallets that hoard ETH without moving it—known as accumulation addresses—have also grown sharply. In June alone, they jumped from 16.72 million to 22.74 million, a 35.97% increase.
These addresses matter because they usually belong to long-term holders who aren’t looking to sell anytime soon. Their average buy-in price sits at $2,114, meaning they’re currently up about 22.65% at ETH’s current price. That kind of profit cushion might mean less selling pressure, at least for now.
Could a Breakout Be Coming?
Some analysts think so. Titan of Crypto, for one, points to a broadening wedge pattern on ETH’s weekly chart, suggesting a breakout could send it toward $4,200. That’s a big if, of course, but the setup is there.
Institutional interest seems to be growing, too. There’s talk of major accumulation plans, though nothing’s set in stone. Still, ETH needs to hold above $2,200 to keep the bullish case alive. A drop below that could spell trouble, with some eyeing $1,160 as a worst-case scenario.
Right now, ETH is trading around $2,593, up slightly in the last day. Whether this is the start of a bigger move or just another blip—well, we’ll have to wait and see.
*Charts from CryptoQuant and TradingView.com*
