05 Nov 2024

current;-2443
stoploss;-2200
target;-3200

• Ethereum on-chain metrics indicate addresses are accumulating again.
• Ethereum added 3.64 million holders between September and October, 40% higher than in July and August.
• Ethereum could retest the $2,707 resistance if it bounces off the $2,490 support level.
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• Ethereum investors have resumed accumulation

  Ethereum exchange-traded funds (ETFs) recorded net inflows of $13 million on Thursday, even amidst a broader market correction, according to data from Coinglass. This positive trend marks the third consecutive day of net inflows, suggesting that institutional investors are slowly directing capital towards ETH.
  
  Additionally, the Mean Coin Age metric for ETH reflects a comparable trend among on-chain holders. This metric represents the average duration that all ETH tokens have remained in their current addresses. An upward trajectory indicates growing accumulation, while a downward trajectory suggests a heightened transfer of ETH between addresses.