Ethereum Sustains Price Above Key Support Level as Addresses With 1+ Coins Hit ATH

Ethereum (ETH) has been trading at a sustained price level above the $1,800 support level for more than 24 hours.

The renewed upsurge in the price of the world’s second-largest cryptocurrency by market cap is backed by varying bullish fundamentals, the latest of which is the announcement by Visa Inc, the payment services giant, who chose to settle USDC transactions using the Ethereum Blockchain.

Perhaps Visa is also betting on the future of the Ethereum blockchain as it anticipates both the EIP 1559 upgrade and the full migration to Ethereum 2.0, its Proof-of-Stake (PoS) consensus model.

The Influence of Retail Buyers

The retail accumulators are notably providing the needed wedge to help keep the price at the level it currently is. Glassnode’s on-chain data reveals the number of Ethereum addresses holding at least 1 Ether has hit a new all-time high (ATH) of 1,202,746, an increase from the previous record obtained a day earlier. 

The effect is notable, the ongoing accumulation suggests the retail investors are not willing to leave any loose ends in their attempt to get a share of the imminent surge in price to a new ATH in price. 

At present, Ethereum is trading at $1,852.33, up 2.03% in the past 24 hours and by 9.48% in the past week according to CoinMarketCap. While BTC boasts of its best institutional asset in the first quarter, Ethereum has also seen remarkable growth within the period that has served to restore investors’ confidence in its continuous journey to new heights.

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