The ether is turning green again! Enough to revive the hope of investors after a brief descent below $2,000 last week. ETH whales contributed to this rebound, some analysts believe.
Ethereum rises above $2,000 again
The latest analysis of ether carried out by our colleague highlights a new rise in the second most important cryptocurrency in the world. This is partly due to the application for Ethereum Spot ETF from BlackRockhe clarified.
“ ETH goes back above $2,000.
After a brief dip below $2,000, Ethereum (ETH) has rebounded and is now trading at $2,075.
This rebound is due to the accumulation of whales, as large investors bought ETH.
Is this the beginning ofa new bullish cycle for ETH ? »
In a recent publication, CoinTurk News highlighted other parameters that caused these new performances of ether. First of all, there are the whales. Santiment, an on-chain data specialist, revealed that these have restocked with ETH lately, more precisely, since November 21.
In fact, ETH whales (or institutional investors) have increased their ether holdings by 30% these last two days. What makes the top 200 Ethereum wallets currently represent a treasure of 62,760 ETH. Or $129 billion, if we take into account the current price of the prince of cryptocurrencies: $2,060 per coin at the time of writing this article.
Also, the growth in the number of ETH crypto wallets has something to do with it. 94,700 units have in fact seen the light of day since July.
Did it cost $3,000?
4,878.26 dollars is the price of one ETH when it was released ATH of November 10, 2021. There is therefore a long way to go before returning to this level for Ethereum’s native crypto.
She must first aim for $3,000 to get there. Some analysts remain optimistic, especially with rising demands for ether derivatives.
Maarten Regterschot from CryptoQuant is one of them. According to him, the conditions for an ETH bull run are currently met to dream of an ether breakthrough. For example, he noted the significant influx of money into the derivatives market. An additional 700 million dollars added around these Ethereum derivative products will only maintain a positive feeling regarding this altcoin.
Let’s not forget that huge amounts of ETH have recently left centralized crypto exchanges (CEX). Santiment estimates that they represent around 20% of the ether supply. And this has no shortage of advantages: reduction in selling pressure and confirmation of an Ethereum bull run. Keep a close eye on it!
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