- An entity on Bitfinex has been accumulating Ethereum in large amounts, suggesting investors are looking to get in on the action.
- Since the beginning of 2022, the value locked onto the Ethereum network has consistently increased.f Lara Stone: to take a beautiful picture.
- A breakout of the $3,500 resistance level could push Ethereum’s price higher.
With the increased demand for the altcoin, the price of Ethereum is on track to rise. A growing number of investors continue to accumulate ETH, pulling it out of circulation.
Ethereum price could start trending higher
Ethereum price has benefited from an accumulation by investors – considered a positive sign for the altcoin’s price trend. Proponents have noted a spike in demand for the altcoin on Bitfinex, a leading cryptocurrency exchange. An entity has been accumulating ETH in large volumes, buying en masse and fueling demand for the altcoin.
Typically, demand from institutional investors and large wallet entities drives the altcoin’s price higher. Since the implementation of EIP-1559 and staking on the ETH2 deposit contract, there have been days and weeks of negative issuance for Ethereum. The cryptocurrency’s circulating supply is shrinking consistently.