Long-term Ethereum holders have accumulated a significant amount of ETH, signaling potential market activity as they anticipate a rally.
Nearly 30 million ETH is held in accumulation addresses that have never spent any coins, reaching an all-time high for this group of holders.
On-chain data indicates a spike in Ethereum activity, with daily transactions surpassing 1,500,000, suggesting increased user engagement and trading interest.
Despite positive on-chain indicators, technical barriers such as key moving averages and cautious momentum tools may impede immediate bullish momentum for ETH.