- The whales have been on a dumping spree for the past year, while the sharks have been scooping up.
- ETH price is above $1,700 for the first time in six months.
Since the unfortunate events of 20222, Ethereal (ETH) is fighting against all odds to recover and return to its previous price position.
However, over the past year, there has been a shift in the position of large addresses towards their ETH holdings.
Reading Ethereum (ETH) Price Prediction 2022-23
ethereum dump and scoop
Traders Known as “Whales” and “Sharks” Ethereal His portfolio has seen a dramatic change over the past year, as reported in a recent post. Emotion.
Comparing the graphs of the two groups, we can see that the proportion of whales has decreased while the proportion of sharks has increased. While the whales sold 9.43 million ETH, the sharks added 3.61 million ETH over the past year.
there is a lot of sales pressure Ethereal, and the activity of the whales during the last year and the amount discharged so far are symptoms of this. Although the shark stock was modest, this mitigated the effects of the sharp price decline.
Two MVRV, one Ethereum
Ethereal It is overvalued for an extended period as its market value to realized value (MVRV) ratio is below the breakeven point of 365 days.
It hit a low of -49% in November 2022. With MVRV in the red, sellers had more reason to cut their losses, and price followed suit.
As property prices fell during the sell-off, sellers suffered a setback, allowing new buyers to enter the market at a lower price.
A review of the 30-day MVRV revealed that buyers who entered the trade in the last 30 days remained profitable for the most part.
At the time of writing, the MVRV ratio was closer to 5%. Even if the price were to drop and there was a clear sell-off by some whale addresses, shard addresses added to your stack are likely to benefit.
ETH Price Hits Six-Month High
The value of Ethereal (ETH) has risen steadily over the past week. At the time of this writing, it was trading at around $1,740, up almost 4% in day trading.
A closer examination of the daily time frame chart reveals that the current price range is the highest in over six months. Additionally, support was building near the $1,430 price level, with a support area represented by shorts. Moving average (blue line).
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Despite being spewed out by the whales, a supply of Ethereal The supply on the stock exchanges has not increased, as seen in the Supply on the Sentiment Stocks indicator.
At the time of writing, there was a net decrease in the amount of ETH supplied to exchanges – there were approximately 12.9 million ETH available on trading platforms.