By Solomon Odunayo
The world’s 2nd-largest crypto, Ethereum, encountered massive downward moves amidst an ongoing bearish cycle. While publishing this content, ETH hovered around the $2,000 mark.
The alt trades with bearish tendencies at $1.974, following a 0.41% decline within the past day. While the alt explores the $2K level, on-chain stats hint at potential price upswings in the short term.
On-chain stats from Santiment shows Ether gas fees plunged to 10-month lows, hitting $2.54. For now, investors need $2.54 only to complete a transaction on the Ethereum blockchain. That represented the lost cost since July last year. Historically (but not automatically), ETH prices surge whenever average transactions drop under $5.
Ether in Accumulation Phase
On-chain data confirms Ethereum witnessed massive accumulation recently. Whales in the category holding between 10,000 and 100,000 $ETH have added their wallet balances to 29 million ETH from March’s 28.3 million Ether.
That means whales bought over 700K Ethereum tokens worth approximately $1.4 billion. This category currently holds one-fourth of Ethereum’s total supply.
Meanwhile, Ethereum has seen whale accumulation trends following each price decline. Nevertheless, ETH retail investors also participated. Ether wallets holding between 1 and 10 Ether tokens saw substantial growth.
Ethereum addresses with between 1 and 10 Ether surged to 1.19 million from $1.14M addresses. Market experts suggest that the crypto market can witness a relief rally following the latest crash.
If the alt steadies beyond $2K as far as daily closing is concerned, Ethereum’s price might hit the closest target of $2,300. Meanwhile, sustained relief rallies within the broad market would see Ethereum eyeing the crucial levels at $3,000.
As highlighted above, broad market reactions remain essential for Ethereum’s upcoming trends. Moreover, the altcoin boasts a higher correlation with Bitcoin. For that reason, ETH fans should watch BTC’s biases for money-making moves.
Bitcoin attempted recoveries at this publication. The bellwether crypto gained 1.42% within the past 24 hours to $29,766. Nevertheless, a decisive action beyond $30K is crucial for bullish reactions in the broad market. Such a move can see Ethereum overcoming the $2,000 shackles and targeting higher levels.
Stay tuned for upcoming market updates.