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Ethereum's (ETH) price has experienced a strong market correction, dropping to $3,095 before recovering by over 7% in 24 hours. Despite this volatility, ETH accumulation address holdings have surged by 60% since August, outpacing previous cycles.
Key Highlights:
1. _Accumulation Address Holdings_: Ethereum accumulating addresses have increased significantly, holding 16% of the total ETH supply, a 60% hike since August.
2. _Buying Pressure_: The uptick in accumulation has driven ETH's price surge from $2,116 to $4,109, with buying pressure outweighing selling pressure.
3. _Taker Buy Sell Ratio_: The ratio has spiked to 1.08, indicating aggressive buying, and long positions dominate the market with 51%.
4. _Price Outlook_: If accumulating addresses continue to surge, ETH could reclaim $3,713, while a drop would see it fall to $3,300.
The surge in accumulation address holdings suggests that investors are confident in ETH's long-term potential, despite short-term market corrections. 2 replies
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