A recently published report shows that Ethereum investors appear to be accumulating more ETH tokens in their wallets in order to meet the minimum threshold for participation in Ethereum 2.0 staking.
Yes, Ethereum is just a few months away from its transition from the Proof of Work to the Proof of Stake consensus in ETH 2.0. And it looks like investors are starting to react.
Will stake rewards be profitable at Ethereum 2.0?
Mass accumulation of Ethereum
The transition to ETH 2.0 is expected to take place during the third quarter of the year and will be gradual.
One of the most expected characteristics by the market is the possibility of obtaining rewards for their accumulated ETH tokens. The only requirement at the moment is to maintain 32 ETH.
Therefore, a report presented by Arcane Research found that the number of wallets in the Ethereum network that have 32 ETHs or more is close to 120,000.
This means that we are witnessing a massive accumulation of ETH in wallets, by investors, with the aim of participating in the next feature of Ethereum 2.0.
„Are investors preparing for Ethereum staking? Data from @nansen_ai shows that almost 120,000 Ethereum wallets are ready for staking. This number has grown by 13% over the past year,“ wrote the Arcane Research Twitter account.
Thus, in the graph published by Arcane Research we can see a trend towards massive accumulation of Ethereum (ETH). In addition, experts expect the accumulation trend to continue, not only before the release of ETH 2.0, but even after.
Is the price of Ethereum ready to exceed US$ 250?
Is the price of ETH imminent?
The interesting thing about this accumulation trend of ETH is that it could lead to a considerable shortage in the market. And, consequently, to an increase in the price of cryptomoney.
In addition, Josh Olszewicz, a leading cryptomoney analyst, recently explained through his Twitter account that ETH could be preparing for a big move against Bitcoin as it begins to move into its 2.0 phase.
The analyst noted that the Ichimoku Cloud is leaning upwards for the first time since mid-2018. And that it may be on the verge of confirming a golden cross pattern.
For those not familiar with it, the indicator mentioned by Olszewicz is widely used to observe the direction and strength of the trend. It is also used to check support, resistance and buy or sell signals.