Ethereum’s value has surpassed the $1800 range, last seen in Aug 2022. However, this 7-month price high did not translate into significant transaction obstacles as a result of excessive demand.
According to Santiment, this opens the door for a potential path to $2k and above. Further analysis revealed that ETH fees have fallen below $2 per transaction even after the price pump.
In the chart provided by the analytics platform, on March 19, gas fees dropped to $1.75 compared to $8.12 on March 11 when ETH’s price bottomed.
Santiment came to the conclusion that a price rally is imminent due to the absence of notable transaction barriers that are typical in times of high demand for an asset.
After a prolonged spell of a downtrend, ETH broke out on March 10, and the altcoin has been off to an impressive start ever since, leading to a sharp increase in its value.
Once it passed the $1,800 threshold, the leading altcoin rekindled bullish views and secured a large price increase.
But, the gains were shortlived because 18,657 ETH, or $33,130,425, according to market statistics, was transferred recently to the Binance exchange, worrying investors.
The move raised concerns about a potential sell-off, leaving the largest altcoin by market cap vulnerable to a decrease in value.
Ethereum Investors Brace For A Sell-Off
Normally, a whale’s movement of coins might convey its attitude regarding an asset. For instance, if a whale sells a large amount of Ethereum, it means that either they believe the asset’s price has peaked or that they no longer trust in its future potential.
The majority of investors, who are small-scale investors, might experience anxiety as a result, which might drive the price even lower.
On March 18, a transaction on the Ethereum blockchain was made with a transaction cost of just $1 from an unidentified wallet that is thought to belong to a wealthy whale.
Ethereum’s price fell by 2.53% from its previously reported value of $1,807 as a result of this transaction, according to statistics from cryptocurrency market tracker Coinmarketcap.
At the time of writing this post, ETH is exchanging hands at $1783, with a marginal increase in the last 24 hours.
That said, Ethereum’s core developers have set April 12 as the target date for the eagerly anticipated Shanghai hard fork.
The deadline- 10:27:35 UTC on April 12, epoch 620,9536 will be formally announced by developers on GitHub, TronWeekly reported.