Ether’s (ETH) rally to $2,400 is nearly 38% above its swing low at $1,750, but is ETH’s price move simply a momentum trade, or do longer-term data points suggest a paradigm shift at play?
ETH accumulation addresses absorb 6.5 million Ether
Ether’s recent rally was preceded by an 89% surge in daily active addresses (DAA), which jumped to 730,278 from 384,763 on April 5.
The increase in Ethereum’s active addresses indicates increased user interaction with the network, which is generally a positive.
The chart below shows that activity increased significantly as Ether price rose to $2,300.
Ethereum daily active addresses. Source: CryptoQuant
Similar activity has been consistently observed near macro bottoms since 2022, preceding significant ETH price rallies.
Daily inflows into accumulation addresses have also increased since mid-2025, reaching an all-time high of 1.14 million ETH in November 2025. The inflows have continued to climb in 2026, averaging 200,000 ETH per day, with a spike to over 358,000 on Thursday.
Related: ETH/BTC ratio hits 10-week high as Ether outpaces Bitcoin: Are new price highs next?
The amount of ETH held in accumulation wallets, or holders with no history of selling, has increased by 6.5 million to 26.16 million from 19.64 million on Jan. 1, representing a 33% increase.
The ETH supply held in accumulation addresses is a key indicator for traders and market participants, as it reflects overall confidence in Ether’s long-term outlook.
ETH inflows into and balance in accumulation addresses. Source: CryptoQuant
The total value of ETH staked further reinforces this outlook. The metric now stands at 39.2 million ETH, signaling growing investor confidence.
Staked ETH supply. Source: Dune
As Cointelegraph reported, Ether supply held on exchanges has fallen to multi-year lows, further tightening liquidity on order books.
Ether cup-and-handle chart breakout targets $3,150
The ETH/USD pair may resume its prevailing bullish trend after breaking out of a cup-and-handle (C&H) chart pattern, as shown in the chart below. A 12-hour candlestick close above the cup’s neckline at $2,400 may signal the start of a stronger uptrend.
The target is set by adding the cup’s depth to the breakout point, which comes to around $2,960, an approximately 22% increase from the current price.
ETH/USD 12-hour chart. Source: Cointelegraph/TradingView
The relative strength index has risen to 68, suggesting that ETH bulls are back in control.
Trader TheSkayeth spotted a larger C&H pattern forming over the last two months on the daily time frame, saying ETH was “setting up for a massive move.”
ETH/USD daily chart. Source: X/TheSkayeth
The measured target of this larger formation is $3,150, which is 30% above the current level.
Applying this framework, ETH bulls will need to hold above the $2,350-$2,400 zone to confirm a sustained upward breakout.
As Cointelegraph reported, a close above the $2,400 level would increase the prospects of the ETH/USDT pair rising to $2,800 and later to $3,050.
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