Ethereum’s smart money has been accumulating at record levels as on-chain metrics heat up. Can ETH rally past $3K this summer?
Hence, the question – Is ETH gearing up for a summer rally, or will it need more fuel before it can truly take off?Ethereum’s accumulation addresses – wallets that only receive ETH and never spend – have quietly collected a staggering 22.
8 million ETH – A historic high. In fact, the data underlined a parabolic rise in the total balance held by these wallets. This, despite ETH’s price remaining well below its ATH.This could be seen as a sign of conviction among LTHs, many of whom appear to be positioning themselves ahead of a major move. Notably, this level of accumulation dwarfs previous cycles and may continue to accelerate into July – Hinting at a potentially explosive summer rally if historical trends play out once again.Usually, a rejection from this level has triggered capital rotation into riskier assets; kickstarting an altseason. If ETH breaks higher while stablecoins retreat, we could be looking at the early signs of a broader altcoin rally.“Smart money are accumulating Eth like never before. The on-chain activity is booming… We have All the ingredients for the craziest summer ever in crypto.”Despite strong accumulation and a spike in transaction activity, Ethereum still faces some technical hurdles. At the time of writing, ETH was trading near $2.46k, stuck below both the 50-day and 200-day moving averages – Key resistance levels. The RSI hovered around 49, while the MACD showed signs of flattening after prolonged bearish divergence.Still, with fundamentals flashing green and macro signals hinting at an altcoin rotation, a break above $2.6k could quickly open the doors to $3k. IF ETH can overcome its current trendline resistance.Samyukhtha L KM is a journalist with a keen eye on the ever-changing digital asset landscape - and a soft spot for memecoins. With a Bachelors in Commerce and a Masters in Journalism and Mass Communication, she’s always curious about whether the next big thing in blockchain is hype or history in the making. When she’s not tracking the latest market moves, she’s reflecting on what blockchain adoption really means in a world still largely rooted in traditional finance.Subscribe to get it daily in your inbox.
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