Ethereum has witnessed a notable uptick in key bullish indicators, particularly in accumulation addresses, as market bulls instigate an upward trajectory. Accumulation addresses, crucial for monitoring market sentiment, represent wallets engaging in withdrawals or asset transfers, encompassing both cold and hot wallets.

Accumulation Wallets Signal Bullish Sentiment

Fresh insights from on-chain analysis firm CryptoQuant underscore a substantial increase in Ethereum holders. The data showcases a surge in addresses, surpassing 3,700 wallets. Examination through the lens of wallets holding 10 – 10k ETH and 10k to 100k ETH respectively reveals significant upticks, indicative of heightened sentiment.

Addresses housing 10-10K ETH collectively hold 246,700 assets, while those with 10k-100k ETH contain 373,700 coins as of May 26. This surge, propelled by industry and macro factors, contrasts starkly with figures from May 1, where the former group held 22.5K ETH and the latter controlled 29.9K ETH.

Whale Activity Bolsters Market Optimism

Ethereum whales have also demonstrated bullish activity, with transaction values exceeding $100,000 reaching an all-time high this year. Data sourced from IntoTheBlock indicates increased accumulation among larger holders, buoyed by intensified interest from traditional finance investors.

Spot Ethereum ETFs Drive Accumulation

The approval of spot Bitcoin ETFs on Jan 11 ignited a surge in investor accumulation, propelling Bitcoin’s price to an all-time high above £73,000. This triumph prompted investors to turn their attention to a spot in Ethereum ETF. The week preceding approvals witnessed substantial accumulation, coinciding with Ethereum’s price surge above £3,700.

As of press time, Ethereum is trading at £3,942, marking a 2% increase over the last 24 hours and a 25% weekly rally. In a separate development, an Ethereum whale recently transferred 42,192 ETH to an undisclosed wallet.