798 Interactions, 8 today
Since breaking through $1900 heights last Saturday, Ethereum (ETH) struggled to smash through its all-time peak of $2000 and has since retraced. At the time of writing, ETH is valued at $1781 with a market cap of $204 billion. Grayscale has resumed ETH accumulation following a small hiatus while the ETH price continues to linger near $1800.
According to Bybit info, the Grayscale Ethereum Trust (ETHE) purchased an additional 10,000 ETH coins on Tuesday, March 16, bringing its cumulative holding to 3.17 million. The Grayscale Ethereum Trust (ETHE) went on a huge purchasing binge last month, buying nearly 240K ETH coins in a single month.
According to Grayscale’s most recent update, the gross funds under control across its suite of product products is $42.9 billion. With $5.6 billion in nett assets under administration, the Grayscale Ethereum Trust (ETHE) owns 13% of this.
03/16/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) March 16, 2021
On-Chain Metrics Show Maor Improvement in Ethereum Fundamentals
Although ETH’s price remains steady around $1800, its fundamentals continue to strengthen on the other end of the continuum. With the the whale concentration, the stock of Etheruem at the exchanges has been steadily decreasing.
— Documenting Ethereum 🧾 (@DocumentEther) March 15, 2021
Four weeks ago, Ethereum whale addresses with 10,000+ ETH coins reached an all-time peak. According to the most recent Santiment survey, the ETH whales are refusing to budge. Though ETH whale addresses have fallen by less than 1%, retail player addresses carrying 100-10,000 ETH coins have dropped by 7.2 percent. As a result, the supermarket players are losing large supplies to the big fish.
🐳💪 #Ethereum‘s top holders aren’t showing major signs of budging after its #AllTimeHigh hit four weeks ago. There are 0.9% less 10,000+ $ETH addresses compared to last month. Meanwhile, 100-10,000 $ETH addresses have dropped a much more substantial 7.2%. https://t.co/bg4WVcQadM pic.twitter.com/jcFF48X6bo
— Santiment (@santimentfeed) March 17, 2021
In the other hand, Ethereum address operation continues to set new records. This strong ETH network address behaviour indicates that the price could return to $2000 values. In addition, the cumulative number of ETH coins in the ETH 2.0 Deposit Contract has surpassed a record high of 3.5 million.
Many observers predicted that Ethereum will have a strong bull run this year. Some economists expect that the price of ETH will surpass $10,000 in 2021.