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.
HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.