Ethereum makes new all-time high thanks to ETH whales |

Ethereum makes new all-time high thanks to ETH whales |

The second largest cryptocurrency by market capitalization has been on the rise lately. After one of the biggest corrections since the beginning of the year, Ethereum has recovered to new highs.

Ether’s market value is up more than 30% from a low of $2,060 on the 23rd. April to a new high of $2,680 recently.

This sudden increase seems to be related to an increase in the number of whales in the net. Ethereum’s distribution graph shows that about eight new addresses between 10,000 and 1,000,000,000 ETH have joined the network in the past four days.

At first glance these may seem paltry figures, but the increasing pressure on buyers could translate into billions of dollars. These high net worth individuals own between $26.70 billion and $2.7 billion in RTD.

Distribution of Ethereum supply by quantity

Ethereum makes new all-time high thanks to ETH whales |

While the recent bullish momentum could be accompanied by increased profit taking, the blockchain data shows that Ethereum is sitting on stable support.

Ethereum is trading above criticalsupport

TheBlock’s IOMAP (In/Out of the Money Around Price) model shows that about 37,000 addresses previously bought 8.30 million ETH between $2,300 and $2,330.

Such massive demand can drive down prices in the event of a sale. Owners in this area can do everything they can to ensure that their investments do not get out of hand.

In/Out of Money Around Price by IntoTheBlock

As long as the $2,315 support zone holds, Ethereum has a good chance of continuing to rise. However, if this demand barrier is broken, a retest of the $1,900 zone is likely as there is no support in between.

An edge in the cryptocurrency market

Get access to more cryptographic insights and context in every article as a paid Edge member.

Chain Analysis

Price overview

More context

Join now for $19 a month Discover all the benefits

Ethereum makes new all-time high thanks to ETH whales |

Do you like what you see? Subscribe to updates.

Related Tags:

new ethereum projects 2021why did polkadot spikeethereum competitors 2021eth ath 2021ethereum pricexrp new price prediction,People also search for,Privacy settings,How Search works,new ethereum projects 2021,why did polkadot spike,ethereum competitors 2021,eth ath 2021,ethereum price,xrp new price prediction,eth $3,000,ethereum $3,000

Latest News

Is Smooth Love Potion (SLP) a Good Investment?

Smooth Love Potion is a cryptocurrency that has been around for a while now. It was originally created as a joke, but it caught...

Kraken Fees: Breakdown for Crypto Trading and Purchasing

Fees are a major issue for traders and consumers of cryptocurrency, even though the industry is still in its infancy. Kraken’s fees have been...

Fantom Into NFT World — NFT’s on FTM a Game-Changer?

The Fantom Foundation is a blockchain-powered ecosystem that allows users to create, buy, and trade NFTs. This article will explore the potential of this...

Decred Price Prediction (DCR) for 2021, 2022, & 2025

Decred is a digital currency that can be used to pay for goods and services. The coin was created in 2016 by the team...

Related articles