Ethereum Price Surges 34%, But Accumulation Remains Elusive

The Ethereum price has seen a significant increase of +34% from August 13 to September 12. During this period, a decline was observed in the total ETH held across three selected address groups: those holding between 1-100 ETH, 100-1,000 ETH, and 1,000-10M ETH.

The numbers show that the rally was not accompanied by broad accumulation among these groups. However, during the recent price surge from September 10-12, a first shift emerged: the total ETH held in the 1,000-10M ETH group increased by +19,200 ETH, though only by +0.03%. In contrast, the two smaller groups continued to reduce their holdings.

Although this modest increase is now visible among large addresses, it is not yet sufficient to broadly confirm the rally. True confirmation would require sustained accumulation across multiple size categories.