This indicator enables estimation of the long-term holders’ portion
According to data provided by Saniment, despite the volatility of ETH, the average age of ETH coins continues to grow steadily, indicating an accumulation trend. Mean Coin Dollar Age is the average age of all coins/tokens on the blockchain weighted by purchase price. This indicator makes it possible to estimate the proportion of Long-Term Holders.
This might also suggest large Ethereum addresses are still accumulating funds on the market despite the suppressed performance of the cryptocurrency.
According to data from CoinMarketCap, at the current price of $2,980, Ethereum is down nearly 50% from its all-time highs. The reasons for this are the general correction in the market and the risk aversion tendencies in the financial markets.
Other bullish indicators
Ethereum is facing one of the largest exchange outflows, with almost 151,000 withdrawn from exchanges on March 23, as IntoTheBlock data suggests. The on-chain analytics noticed that ETH reserves on centralized exchanges have been decreasing rapidly in 2022, adding up to over 1.08 million.
As U.Today previously reported, over 10 million ETH has already been pulled from the circulating market supply as ETH staking increases. Eight digits of Ether are now deposited in the contract, which makes it possible to receive a stable income with a certain amount of Ether blocked for at least three months. As Coinbase previously reported to its users, after a complete move to a proof-of-stake network, the APY will increase by 5% to 12%.
Ethereum bulls look to surmount a significant barrier at $3,000 as the community prepares for the merge of the Ethereum mainnet with the proof-of-stake Beacon Chain. Last week, Ethereum developers successfully tested the long-awaited merge of the programmable blockchain’s proof-of-work and proof-of-stake chains, dubbed Eth 2.0.
With the fusion test successfully completed, the researchers expect the mainnet launch to occur by the end of June. Observers predict increased institutional adoption once the Eth 2.0 upgrade is complete.
