Ethereum’s parabolic rally and the subsequent ATH was cut short as selling pressure heated up. Signs of a short-term cooling-off period were also observed as the price of the crypto-asset entered a consolidation phase.
In the latest development, the number of addresses holding 10,000 ETH just touched a 13-month high. This was noted by Bloqport which shared a statement expressing the same and accompanying chart by the blockchain intelligence, Glassnode wherein it was found that 32 new whale addresses were created over the past 30 days.
Moreover, ETH balance on cryptocurrency exchanges has also just hit a 14-month low, as figures declined by 16% over the past 30 days.
Tyler Winklevosss had recently tweeted,
“It’s hard to understand why Ether $ETH isn’t roaring right now and is still hovering below its all-time-high from 3 years ago. It’s definitely not an ‘if,’ but rather a ‘when’….could be any day now”
Where Is Ethereum Headed?
TWJ had earlier reported that a case of correction was due which was visible on the price chart of Ethereum. Despite the short-term tumble, the macro picture was still bullish. It is important to note that most of the selling pressure originated from Ethereum miners who sold a significant amount of coins en masse from the first week of January until now.
A subsequent case panic sell-off was expected to be damaging if and when materialized. However, the above chart depicted that the high-profile investors were keen on the opportunities of the crypto-asset.
Ethereum’s on-chain trends have been positive. The figures for transaction fees are more than double of Bitcoin. In addition, the amount of value transferred on the blockchain via stablecoins, ETH itself, and other tokens has also exceeded Bitcoin.
Several robust fundamentals including a rising number of active addresses are have further strengthened the conviction the crypto-asset might very well blast past its overhead resistance of $1,440. One of the prominent reasons that can be signaled was the ever-growing DeFi ecosystem on top of the Ethereum network which could propel the token into price discovery.