As cryptocurrency prices experience an upward trend, Ethereum is making significant strides towards its local peak resistance level of $2,444.
An intriguing aspect of this ascent is the notable absence of exchange whales, while substantial accumulation is observed among the largest non-exchange Ethereum whales.
🐳 #Ethereum has continued working its way back toward its local top resistance level of $2,444 while #crypto prices rebound today. Notably, the largest $ETH non-exchange whales are accumulating at a rapid pace, while exchange whales stay low. 👍 https://t.co/ap43ZvhWmX pic.twitter.com/4tTVianx5r
— Santiment (@santimentfeed) January 4, 2024
Santiment’s data reveals a compelling narrative of Ethereum’s bullish trajectory. The largest self-custody wallets associated with Ethereum are consistently accumulating, reaching all-time highs. The top 150 self-custody wallets now hold 56.25 million ETH, marking a historic high for Ethereum holdings in this category.
Similarly, the overall top 150 wallets, including both self-custody and exchange wallets, have amassed 65.71 million ETH, another record-breaking milestone. Notably, the top 150 exchange wallets are approaching their lowest level since June 2018, currently standing at 9.46 million ETH.
Surge In Ethereum Validator Exit Queue
In a parallel development, beaconcha.in data reveals a surge in Ethereum validator exit queue, surpassing 16,000 and setting a new record. The waiting time in this queue has extended to 5.6 days. This surge is attributed to Celsius rebalancing its assets and reallocating from existing ETH staking to creditors.
According to beaconcha in data, today's Ethereum validator exit queue suddenly surged to more than 16,000, setting a record high, and the queue waiting time took 5.6 days. This should be related to Celsius canceling its existing ETH staking to rebalance assets and distribute to…
— Wu Blockchain (@WuBlockchain) January 5, 2024
These multiple indicators point towards a robust bullish sentiment surrounding Ethereum. The strategic movements of both self-custody wallets and validators underscore confidence in the cryptocurrency’s potential for growth.
As Ethereum approaches its local peak resistance, the ongoing developments in wallet accumulation and validator dynamics contribute to a positive outlook for the platform’s continued success.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.