- On February 17, Ethereum rose to $1,700.
- Whale and shark address holdings have not slowed their accumulation.
value of Ethereum (ETH) it reached $1,700 on February 17 after five months. Is this escalation a sign of things to come? Or will the whale buildup result in a spill before the Shanghai upgrade?
Reading Ethereum (ETH) Price Prediction 2023-24
ETH sees a brief bounce
Ethereal According to daily terms analysis of the cryptocurrency, it gained 3.45% on February 17. Based on further research in that trading period, it reached as high as $1,721 before ending the trade at $1,694.
During that trading period, five months had passed since the ETH price last reached the $1,700 range. It costs around $1,694 at the time of writing.
Furthermore, the Relative Strength Index (RSI) indicated that ETH was in an uptrend as its line was above the 60 mark. The price action was also seen above the long and short moving averages (blue and blue lines). yellow). Therefore, moving above the asset price (MA) indicates a good price movement and can also point to a possible rise in the future.
catch sharks and whales
recent Statistics The sentiment revealed that whale and shark addresses were still holding on to their ETH bags. The graph shows that whale and shark addresses with 100-100,000 ETH still hold close to 47% of the total ETH supply. Furthermore, the lack of sales after the most recent price increase suggested that investors were expecting further price increases.
Source: Feeling
Additionally, an examination of the owned supply of top addresses revealed that a substantial amount was accumulating in addresses at the top. For most of January, a chart showing the amount held by top addresses as a proportion of total Ethereum supply was rising. It is now closed, but was at 123 at the time of writing.
Source: Feeling
Is instability coming?
The Ethereum Shanghai Update will be the next big thing for the cryptocurrency industry. In March, users were able to withdraw more than $16.5 million worth of Ethereum (ETH) from the blockchain. The merger was the last significant upgrade to the network; However, this had little effect on the Ethereum price.
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The Shanghai update will affect ETH supply and demand, while the merger was a purely technical development with no obvious economic consequences. However, due to the short-term and long-term nature of the upcoming development, it has the potential to significantly affect the price of ETH.
It is unknown how the shark and whale addresses will react when the staked ETH is released. But if they also decide to sell their assets, the value of ETH will drop. Therefore, March will be an important month in terms of Ethereum price action.
