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A large number of Ethereum whales returned to the market, after a 15% price increase

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Nonhlanhla P Dube

After the news of the exact day on which the Merge network upgrade will go live and permanently disable the proof of work consensus method, Ethereum is making a strong comeback to the cryptocurrency market. We noticed tremendous growth in the number of whale addresses as Ether gained 30% since the beginning of the month: more than 130 new wallets appeared on the network. The growing number of whales may indicate that investors are reinvesting in cryptocurrencies.

In light of the moderate recovery of the digital asset market, the likelihood of a breakout for Ethereum and a number of other cryptocurrencies in a recent crypto market assessment is noted. Ether successfully broke the consolidation channel’s local resistance line and immediately swung to the next major resistance level.

Ethereum is currently stuck at its 50-day moving average resistance level, which it must breach in order to continue the current recovery surge. Since the dip in early May, we have seen a turnaround in the number of addresses valued between 1,000 and 100,000 ETH following the successful breakout.

What could happen next?

Surprisingly, there are no signals of a quick-fading surge, which would have indicated that the second-largest cryptocurrency on the market is experiencing a dead cat bounce and will reverse in the coming days. Regardless, we should highlight that Ethereum’s relatively impressive price performance occurred during weekend trading days, which typically have substantially lower volume and liquidity, implying that even a small influx of volume might have shifted the price of an asset dramatically. eum-whales-returned-to-market-after-15-price-spike.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
Tags: Ethereum
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