The article discusses the current state of Ethereum (ETH) and predicts a bullish future for the cryptocurrency in 2024. The CEO of CryptoQuant, Ki Young Ju, notes that there is no sell pressure following the Bybit hack and that market indicators are neutral, but whale wallets are signaling additional accumulation, suggesting long-term investors are preparing for a potential breakout.

Data shows that wallets holding 10,000 to 100,000 ETH have increased by 24% in the past year, mainly acquiring ETH from smaller wallets. The cost basis for accumulating addresses is higher than the current price of ETH, indicating confidence in its future growth.

Ethereum also maintains a dominant market share of 56% in the stablecoin market cap, which, coupled with cryptocurrency-friendly policies and the potential approval of an ETH spot ETF, could benefit ETH significantly. Historical patterns suggest that regulatory milestones drive institutional interest and price surges.

Despite significant price fluctuations in the past, accumulation has continued, showing sustained investor interest and faith in Ethereum. By early 2024, the market price of ETH remained above the realized price, indicating strength and long-term holding patterns. Combined with whale activity, regulatory support, and increasing adoption, ETH is positioned for growth in 2024.



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