The cryptoverse is yet to recover from the ruins of the last impact. Successively, the market capitalization has bogged down to $1.2 Trillion. While the star crypto Bitcoin has been oscillating in the $28,000 range. ETH price at the time of publication has been hovering around $1,767. While Ethereum tests its crucial levels, ETH whales tend to bank on other altcoins.
Are ETH Whales Now Bidding Adieu To Ethereum?
A proponent from the industry highlights that Ethereum is now in an identical setup as it was in 2016. And that it cannot afford to lose the threshold at its current support levels. The protagonist further cites that ETH price dipping any further will result in pushing the alt season further down the lane.
Successively, according to sources, ETH per cent addresses in profit for 7D MA has reached a 22-month low of 57.66%. Meanwhile, the total value locked in ETH 2.0 deposit contracts has reached a new ATH of 12,697,076 ETH.
Learning from the analysis of Whale Stats, the fear and greed index of whales is still at extreme fear at 24. Which justifies the volumes coming from sellers out-weighing that of buyers. That said, ANKR is now one of the most used smart contracts amongst the top 100 ETH whales in the last 24-hours. Conversely, while GALA stands to be the most traded token, MANA makes it to the most widely held token.
Summing up, the growing stakes in deposit contracts of ETH 2.0. And the ebbing stance on the price charts justifies the growing position of whales. That said, the largest altcoin would need a significant moral push for a rebound in price trends. Which now seems distant based on the current scenario.
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Source: https://coinpedia.org/altcoin/eth-price-now-testing-crucial-levels-are-eth-whales/