Key Points:
- Ether’s downside pressure intensified due to the market corrections in 2022.
- Despite the decrease in on-chain transaction and trading volumes, Ether is still considered viable.
- Psychological support exists around the $1,500 mark, and reaching this threshold could lead to a surge in volume.
- Whales have been taking profits and reducing their holdings, but retail investors are accumulating Ether.
- Retail investors are regaining confidence in the market, as shown by their increasing accumulation of Ether and the decreasing exchange balances.
Hot Take:
Despite the recent market corrections and the decrease in on-chain volumes, Ether still shows potential for growth. The psychological support at the $1,500 mark and the accumulation by retail investors indicate a positive sentiment in the market. While whales may be taking profits, it is the retail investors who are driving the current accumulation of Ether. This suggests that there is still confidence in the long-term prospects of Ether, especially as more projects continue to adopt its blockchain technology. As a crypto reader, now may be a good time to consider accumulating Ether at its current levels.
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