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The Rise of Ethereum Whales: What You Need to Know
The world’s second-largest cryptocurrency, Ethereum (ETH), is currently trading 1.21% down at a price of $1,570 with a market cap of $188 billion. Despite facing selling pressure and struggling to break past the resistance of $1,600, Ethereum whales are taking advantage of the situation. According to on-chain data provider Santiment, billionaire Ethereum wallets have reached a 7-year high in terms of holdings. Whale addresses, which hold at least 1 million ETH, now account for 32.3% of the total supply. This concentration of holdings hasn’t been seen since 2016. Additionally, daily transactions exceeding $1 million in value have reached their second-highest volume in the past five weeks, marking a significant moment in Ethereum’s trajectory.
Ethereum Co-Founder Vitalik Buterin’s Recent Actions
Recently, there has been speculation surrounding Vitalik Buterin, co-founder of Ethereum, who has been sending large amounts of coins to exchanges. This has put additional selling pressure on ETH’s price. However, Buterin clarified that all the coins he has been selling were for charity and donations rather than personal gains.
ETH Price Action and Potential Recovery
Currently priced at $1,568, Ethereum recently rebounded from the support level of $1,533 and experienced a slight increase. However, it encountered resistance at the 50-day Exponential Moving Average (EMA), preventing it from reclaiming the $1,686 resistance as a support level. Despite this setback, there is still potential for Ethereum’s price to recover as indicated by the Relative Strength Index (RSI). The RSI is hovering around the neutral mark at 50.0, within the bearish zone, but a further uptick could flip it into a support level and confirm a bullish signal. However, if the $1,533 support is breached, Ethereum’s price may drop below $1,500, invalidating the bullish outlook.
Hot Take: Conclusion
The rise of Ethereum whales and their increased holdings is a significant development for the cryptocurrency market. With billionaire wallets reaching a 7-year high and daily transactions exceeding $1 million in value surging, Ethereum is experiencing a historic moment in its trajectory. Despite selling pressure from Vitalik Buterin’s actions, there is still potential for ETH’s price to recover as indicated by the RSI. However, caution should be exercised when investing in cryptocurrencies and thorough market research should be conducted to mitigate personal financial loss.
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**Hot Take: The Rise of Ethereum Whales: What You Need to Know**
The world’s second-largest cryptocurrency, Ethereum (ETH), is currently trading at $1,570 with a market cap of $188 billion. While facing selling pressure and struggling to break past the resistance of $1,600, Ethereum whales are making the most of this opportunity. Billionaire Ethereum wallets have reached a 7-year high in terms of holdings according to Santiment. Whale addresses now account for 32.3% of the total supply, marking the first time such a significant concentration has occurred since 2016.
Ethereum co-founder Vitalik Buterin has recently faced scrutiny for sending large amounts of coins to exchanges. However, he clarified that all the coins he sold were for charity and donations rather than personal gains.
Ethereum’s price recently rebounded from the support level of $1,533 and encountered resistance at the 50-day Exponential Moving Average (EMA). Despite this setback, the Relative Strength Index (RSI) indicates potential for recovery. If the $1,533 support is breached, Ethereum’s price may drop below $1,500.
The rise of Ethereum whales and their increased holdings is a significant development for the cryptocurrency market. With billionaire wallets reaching a 7-year high and daily transactions exceeding $1 million in value surging, Ethereum is experiencing a historic moment. While caution should be exercised when investing in cryptocurrencies, there is still potential for ETH’s price to recover based on the RSI.
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