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On March 13th, Bitcoin reached a new all-time record, and since then, all eyes have been on Ethereun, waiting for it to set its own ATH. This has been a kind of theme over the last year, with Ethereum trailing Bitcoin in terms of market capitalisation yet outperforming it in terms of growth. Despite the fact that the price has stayed relatively low in recent days, the top altcoin holders have shown no signs of panic.
Ethereum Whales continue to hold the fort
Ethereum’s whale holders set a new all-time record four weeks ago, with 10,000+ ETH addresses touching a new high. At the time of publication, only a 0.9 percent decline was found in those addresses, while addresses carrying 100-10,000 ETH experienced a 7.2 percent decline.
While the above data set suggests that hodling mood is favourable, options traders were not overly bullish about the past week’s price results.
According to Token Insight, Ethereum’s short-term implied volatility did not indicate a strong direction; investors are not exactly bullish in the immediate term.
Long-term sentiment remained bullish as investors appeared to favour the value of Ethereum, with call options showing strong premium characteristics.
Is circulating supply high and activity low?
Without raising so many eyebrows, Ethereum’s circulating stock last shifted about 1-2 years ago and has now hit a new low dating back 4 years. It can be concluded that old coins could be entering circulation as Ethereum’s future rally nears its peak.
Speaking of fatigue, a decrease in median gas consumption will imply a drop in transactional operation as well. ETH median gas reached a monthly trough, but a steeper decline occurred during the February corrective phase.
Is Ether bound for $2500 or is the window gone?
KogoCrypto posted two days ago on the prospect of Ethereum breaking through the $2500 barrier, shortly after Bitcoin broke through the $60,000 barrier. The fundamentals of the altcoins remain sharp and bullish as well, but Ethereum needed to clear $2000 over the next 24-48 hours in order to keep on track for a break above $2500 later this week. The window is closing in on Ethereum, which is now priced around $1800.
According to intotheblock.com, for Ethereum to retain its bullish momentum, a regular close above and between $1766-$1800 could keep the currency within striking distance of $2000. At this point, approximately 687 k addresses carry close to 3.37 million ETH, indicating good support for the asset.