Ethereum (ETH) Diamond Hands Set New Record as ETH Price Reconquers $2,000

Experts of Glassnode, a leading on-chain analytical firm, noticed an interesting pattern in Ethereum's (ETH) supply distribution. Six months after the FTX collapse, one crucial metric revisited historic highs. Speculators might not be as powerful as they seem to be.

Long-term holders dominate Ethereum (ETH) supply

On-chain wallets that belong to long-term holders of Ethereum (ETH) are now responsible for 74% of its total available supply. "Diamond hands" accumulated a whopping 14,350,000 Ethers (ETH), latest Glassnode data says.

As the Long-Term Holder threshold of 155 days ages through the FTX failure, accumulated coins
which have not been spent since are maturing to LTH status.

This has pushed the total supply held by Long-Term Holders to an ATH of 14.35M coins (74% of the circulating supply). pic.twitter.com/ea8bYUTqLB

— glassnode (@glassnode) May 5, 2023

This impressive level has never been surpassed in the entire eight-year history of the second cryptocurrency. Besides growing confidence in bullish prospects for the ETH price, there is one more powerful catalyst that drives this upsurge.

In Glassnode, LTH metrics covers all coins that were not moved for at least 155 days. As such, in mid-May, Ethereum (ETH) wallets that were only active during the collapse of the FTX exchange will be mature enough to be included into this research.

The followers of the Glassnode account stressed that for Bitcoin (BTC), the largest cryptocurrency and the only token that exceeds Ethereum (ETH) by market cap, the long/short-term holder ratio looks just the same.

As U.Today reported yesterday, one more metric of the Ethereum (ETH) supply inches closer to multi-month highs. The number of new deposits hit an eight-month high, Santiment analysts noticed.

Ethereum (ETH) rejected at $2,000, meets aggressive bears

While the Ethereum (ETH) community is generally optimistic about Ethereum's (ETH) prospects post-Shanghai, bulls are still failing to gain an upper hand.

Today, in early morning hours, they briefly managed to push the Ethereum (ETH) price above the psychological level of $2,000 per coin. However, they met strong sellers who prevented ETH from growing higher.

As of press time, it is struggling to protect the $1,900 level on major spot exchanges. In the last 24 hours, the Ethereum (ETH) price lost almost 3%.