After years of doubts and worries, is it time for Ethereum to shine? On-chain metrics really point in this direction. However, it is too early to say anything promising.
holding on to you
According to data provided by Sentiment, investors in ETH have continued to accumulate despite the volatility. In fact, at the time of writing, the top 10 whale addresses held 4.3% more of the total supply than a year ago. Moreover, according to statistics, 23.7% of all $ETH These wallets have very close to 5-year highs, which were first broken at the end of January.
This indicates that major Ethereum addresses are still depositing ETH in the market despite the cryptocurrency’s underperforming.
Apart from the increase in the number of long-term investors, there are also important developments – the ETH/BTC graph below shows a bullish outlook. In fact, Ethereum began to gain ground, breaking the long period of BTC dominance that began in November 2021.
Ether’s price changes over the past few weeks were briefly addressed by crypto analyst Justin Bennett, who Posted The following chart highlights the trend reversal.
$ETH First high since early November 2021.
Maybe nothing.#ethereum pic.twitter.com/3qqFaV7iUn
— Justin Bennett (@JustinBennettFX) 24 March 2022
The above development was further supplemented by a tweet which highlights the ethereum surge Adoption. Compared to other “trending meme-coins”, the altcoin king is popular among the most significant investors.
Tasha Che, a crypto enthusiast, in a March 25 tweet emphasis on: “If you think Mem Coins are a “ground movement”. It turns out that the biggest investors are Doge’s biggest traders. BTC and ETH are real retail tokens.”
Furthermore, an in-depth analysis of the effects of the upcoming merger of Ethereum will have a huge impact on its price. Analysts at independent global macro and crypto research house Macrohive said the merger would “have bullish implications for Ether.”
According to Macrohive, “stakeholders being able to make a passive return on Ether will likely attract more investors to the space,” while the transition to proof-of-stake will “reduce Ethereum’s energy consumption by 99.95%.”
try to move on
Ethereum’s 2022 performance is not in line with the market. The crypto market remained weak as it corrected several times this year. As noted below, ETH has lost around 17% of its value since January 2022.
Nevertheless, at press time, ETH crossed the $3k mark and was trading at the $3.1k mark, up 1% over the past 24 hours.