Ethereum (ETH) has risen over 8% in the last 48 hours, with liquid staking and accumulation addresses both approaching historical peaks.

In the past 48 hours, Ethereum price (ETH price) has surged over 8%, climbing from about $2400 on July 1 to nearly $2600 at the time of writing. The latest on-chain data shows that the total amount of ETH accumulation addresses and Ethereum liquid staking is nearing an all-time high (ATH), which has sparked optimistic expectations in the market that ETH price is about to break through.

📈 The total amount of liquid staking has reached a historical high.

According to the analysis of CryptoQuant analyst Carmelo_Aleman, since June 1, Ethereum liquid staking activity has significantly increased. The total amount of staked ETH surged from 34.54 million to 35.52 million by June 30 - an increase of nearly one million ETH in just one month.

As of July 1, the total amount of ETH liquid staking has reached a new record of 35.56 million ETH. In-depth observation shows that most of the accumulation addresses are associated with institutional investors (ETH institutional holdings), Ethereum spot ETFs, and other large ETH holders (ETH whales).

Many of these investors choose to earn ETH staking rewards (ETH staking APY) through liquid staking while waiting for the ETH price to rise significantly. The biggest beneficiaries of this trend include top DeFi protocols such as Lido staking.

💰 Accumulation of addresses surges, holders have significant unrealized gains.

In addition to the growth of liquid staking, the number of ETH accumulation addresses is also approaching a historical peak. As shown in the figure below (Note: the original image description can be inserted here or keep "as shown in the ETH group research chart below"), these addresses grew by 35.97% from June 1 to June 30, increasing from 16.72 million to 22.74 million.

Popular Science: Ethereum Accumulation Address refers to wallet addresses that primarily buy and hold ETH, with few transfers out, usually excluding known exchange, miner, or smart contract addresses. Such addresses typically represent ETH long-term holder confidence, showing that they are continuously accumulating rather than selling.

It is worth emphasizing that as of July 1, the ETH realized price of these accumulation addresses (i.e., average holding cost) was $2114. Given that the trading price of ETH has reached $2593 at the time of writing, these accumulation addresses currently enjoy about 22.65% healthy ETH holding floating profit.

🚀 Technical Analysis: Is ETH brewing a breakout? Target looks at 4200 USD

Technical analysis indicates that ETH may see a breakout in the short term. Cryptocurrency analyst Titan of Crypto recently pointed out that ETH seems to be preparing to break out of a broadening wedge pattern on the weekly chart, with a potential ETH pump target looking towards $4200.

Institutional interest in Ethereum is also showing an increasing trend. It is noteworthy that Ethereum may be迎来 its "critical turning point" (similar to the moment when MicroStrategy heavily invested in Bitcoin), with Fundstrat's Tom Lee and ConsenSys' Joe Lubin both revealing plans to accumulate large amounts of ETH positions.

⚠️ Key support level: It is crucial to hold above 2200 USD.

However, ETH must maintain above the key support level of $2200. If it falls below this level, it may open up space to drop towards the low of $1160. At the time of writing, the real-time price of ETH is $2593, up 1.7% in the past 24 hours.