Users of ETHereum’s giant whales do not appear to have confidence in the current network, indicating that its own token, ETH, will be more vulnerable in the near future.
Blockchain data analytics service Glassnode announced on Monday that the number of Ethereum addresses holding at least 1,000 ETH stands at 6,292, the lowest since April 2017. In January, the highest for this year, the number is 7239.
Chain analysts often look at the distribution of ETH in one location to analyze sentiment among retailers and organizations. They consider the wallet of over 1,000 ETH (roughly $ 3.92 million in exchange value) to be the ‘big whale’. This is usually due to their ability to disrupt short-term business through large sales and / or purchase orders.
However, the decline of what is known as the immense whale habitat indicates a steady sell-off by wealthy people at the expense of Ethereum wallet owners. For example, the number of Ethereum hosts holding at least 10,000 ETH (or roughly $ 39.2 million) has also fallen almost 4.5%, from 1,208 in June to 1,156 at the time of writing. of this situation.
But now this year that number has grown from 1,065 to 1,156, the same as the purchase price of 1 ETH, and has jumped almost 450% over the same period.
Small traders deposit coins
Unlike blue whales, wallets with small dimensions of ETH pave the way for the price increase of Ethereum by 2021.
For example, data from Glassnode shows that the number of Ethereum addresses with non-zero ETH is over 71.2 million on Monday, a high data. This includes wallets of at least 0.01 ETH (around $ 40), and the number jumped from 10.66 million to 20.31 million earlier this year.
At the same time, holdings of at least 0.1 ETH (around US $ 400) fell from 3.62 million on January 1, 2021 to 6.44 million on Monday. That’s nearly double the growth, making investors appreciate the world’s second largest cryptocurrency.
ETH bullish reversal
Before the recent drop in ETH, the token was decided hard to close at the top of the Sanity level at $ 4,000.
ETH / USD fell more than 3.27% on Tuesday to hit a one-day low of $ 3,880. The decline was part of a larger correction that began after ETH tested the bearish trendline following a strike on December 23.
In the chart below, the trendline is part of a descending channel and looks like a “falling wedge”.
In particular, a drop is technically a turnaround that occurs after a price drop in a two-line market. The tool will eventually cross the upper trend line of the pattern before or after reaching the peak (the intersection of two trend lines).
For an ascending wedge, the income goal is usually achieved after adding the greater distance between the upper and lower trend lines of the model at the break point. This puts the cost of ETH in a range of $ 4,200 to $ 5,000 depending on the level of achievement.
However, the price of ETH still has a lot of room to fall, and at worst it could hit $ 3,200. This phase is where the line-shaped trend line converges.
At the same time, independent business analyst Pentoshi said he could not predict the details of ETH at the moment.
“Maybe below, but I don’t care,” Pentoshi tweeted Tuesday.
“I don’t like to see the industry come back to such a big area of history like this. I want to pay the price to see the benefits.”