Ethereum Faces Critical Support Test Amid Accumulation Surge
- Ethereum price has fallen below $4,200 and is testing the $4,000 support zone.
- Nearly 400,000 ETH were added to accumulator addresses in a single day.
- On September 18th, a record of 1.2 million ETH was accumulated in one day.
- Accumulator addresses only buy ETH and never sell, indicating long-term holder behavior.
- ETH’s price breached key moving averages, with the next critical level near $3,800.
The Ethereum market is under pressure as it tests crucial support levels amid significant accumulation activity by long-term holders. The inflows into accumulator addresses suggest strong confidence among large players despite short-term volatility and selling pressure.
This accumulation trend highlights growing institutional interest and potential demand for ETH ETFs, even as Ethereum’s price faces technical challenges around the $4,000 mark. (Source)
