Ethereum long-term holders increase their ETH wallets by 22% as upgrade approaches. Market indicators show possible breakout with tightening price levels and rising derivatives activity. The upcoming Pectra upgrade on May 7 may also impact ETH’s market dynamics significantly.
As Ethereum (ETH) nears its pivotal upgrade, data shows long-term holders are showing renewed confidence. According to recent insights from CryptoQuant, these investors collectively increased their wallet holdings by a notable 22.54% during a somewhat bearish two-month period, rising from 15.53 million ETH on March 10 to 19.03 million ETH by May 3. This uptick is occurring while the price of ETH has dipped below the average entry cost of many wallets, signalling a strategic move to lower their average cost basis. This shift is particularly interesting because it comes at a time when ETH was valued at $1,866.70, while these addresses had a realized price closer to $2,026.
