1.6 C
7 December 2023
Image default

Ethereum: on-chain data and whales point to continued price rise

  • On-chain indicators of Ethereum point to a continued price increase.
  • Whales are currently accumulating ETH, so the price could head towards an all-time high in the coming months.

Ethereum was able to break through the important mark of $750 for the first time in 31 months a few hours ago and recorded a gain of 1.92% within the last 24 hours. At the time of writing, the Ethereum price stands at $752 and is thus still $700 away from the former all-time high at $1,450. The market capitalization has climbed to $83.68 billion.

However, according to data analytics service Santiment, the real bull run for Ethereum may be yet to come. Yesterday, 39 ETH addresses were added compared to 2 months ago, holding capital of 10,000 ETH or more. While the number of addresses holding 1 to 10,000 ETH has declined slightly, Wale is still extremely optimistic.


Furthermore, the number of ETH held on exchanges has declined sharply and has reached the lowest level in the last 1.5 years. This is another important indicator that points to a rising ETH price. ETH whales currently have no intention of selling their holdings to realize their profits.


In addition, new data from Glassnode shows that at this point in time, 90% of all ETH addresses, nearly 47 million ETH addresses, have realized a profit. This figure was last this high in January 2018, indicating that investors believe in ETH and continue to “hodln” the cryptocurrency. In comparison, in March of this year, at the time of the “Black Swan Event” when the crypto market plummeted, only 3.2% of all addresses were in profit.


Bitcoin millionaire Tyler Winklevoss also writes on Twitter that now is still a good time to invest in ETH. In his opinion, the adoption of Ethereum will continue to grow next year, especially in the enterprise sector, as Eth 2.0 receives new updates and the security as well as scalability of the network continues to increase.


Institutional investors will be catalyst for ETH price

As we reported earlier, institutional investors could become a strong catalyst for ETH price next year. Messari analyst Ryan Watkins predicted that ETH will attract as many institutional investors as Bitcoin did this year. The launch of ETH futures on the CME will also have a positive impact on Ethereum.

2021 Prediction: In 2021, we start to see institutions buying ETH Once you accept that Bitcoin can be valuable, it opens your mind to the possibility that other cryptoassets can be valuable as well. From there, it’s a much easier jump from BTC to ETH. “CME futures is the writing on the wall. They wouldn’t launch an ETH product if there wasn’t demand for it.

Most recently, crypto investor Ryan Sean Adams pointed out in a new video update that Ether Capital has raised capital in a new funding round to raise $125 million to buy ETH and participate in staking

News Source

Related posts

Ethereum Market Update: ETH/USD is set for a strong rally once $254.00 is cleared


Grayscale Managing Director Believes Ethereum Is Garnering More Attention Now Than It Ever Has Before


Ethereum’s Vitalik Buterin Shares Insights on FTX Collapse