- A whale deposited 28,672 ETH from Binance and Coinbase in the past two months, worth $48.5 million.
- Bid on exchanges decreased and metrics increased.
Ethereum (ETH) The long-awaited Shanghai upgrade is near and investors are excited.
TeaThat update will finally allow investors to withdraw their staked Ethereum. Amid the excitement, a Twitter user named Technical Crypto Analyst revealed a pro-investor update.
Reportedly, 60% of all staked ETH was locked on-chain around the current ETH price or even higher.
about 60% of the total #etherium Stake is underwater at current prices pic.twitter.com/jS2Bdt0z24
– Crypto Technical Analyst (@TechCryptoAnlst) February 18, 2023
The crypto community’s reaction to this was swift. Some expected that the 60% stake in Ethereum after the Shanghai update would reduce the likelihood of a selloff. Thus, giving rise to an opportunity for a price increase.
Reading Ethereum (ETH) Price Prediction 2023-24
The crowd is growing!
The LookOnChain data was also encouraging, indicating an increase in ETH accumulation. Specifically, the whale “0xB79c” deposited 28,672 ETH from Binance and Coinbase over the past two months, worth $48.5 million. This development suggested that the whales were expecting a further increase in the price of ETH.
whale “0xB79c” is still accumulating $ETH Today.
whale has accumulated 28,672 $ETH ($48.5 million) to #binance AND #coinbase in the last 2 months.
The average acquisition cost is $1,430.
and got 1,304 $ETHfrom ($2.2 million) #binance 12 hours ago. pic.twitter.com/00Ga9bQKTv
– lookonchain (@lookonchain) February 18, 2023
It is interesting to note that whales and sharks still manage 100,000 ETH grasp About 47% of the total ETH supply.
The growth in accumulation was again tested by the Sentiment charts, as the total supply on the exchanges registered a decrease compared to the previous month.
Besides, ETHThere has been an increase in foreign exchange outflow of Rs. Furthermore, the supply of ETH held by major addresses was also on the rise, indicating the confidence of whales in the king altcoin.
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On the other hand, data from LunarCrush revealed another bullish update regarding Ethereum. The king of altcoins made it to the top 15 cryptocurrency list in terms of Galaxy Score, which was an optimistic sign for token holders.
Top 15 Coins by @LunarCRUSH galaxy score
Galaxy Score is a proprietary score that constantly measures cryptocurrencies against itself against community metrics pulled from across the web.$block $EXRD $hft $ETH $UNCX $LN $LDO $mtl $celr $monkey $point $sql $SUTER $floki $AGIX pic.twitter.com/MRkp0aydkK
– 🇺🇦 Crypto Differ – StandWith Ukraine 🇺🇦 (@CryptoDiffer) February 18, 2023
Following ETH’s inactive price action over the past 24 hours, all updates in the coming days, when combined, suggest a possible price increase.
According coin market capETH was trading at $1,701.26 at press time with a market capitalization of over $208 billion.
The ETH exchange reserve was decreasingWhich was a positive sign as it suggested less selling pressure.
The taker-sell ratio was positive, indicating that buy sentiment prevailed in the derivatives market.
The sentiment chart also showed that ETHBinance’s funding rate increased. This reflects the demand in the derivatives market.
In addition, an increase in the Ethereum MVRV ratio was recorded, which increased the probability of a price increase.
Source: Feeling
