After years of doubts and worries, is Ethereum finally time to shine? While on-chain metrics are pointing in this direction, it may be premature to say anything promising, according to altcoin analyst Shubham Pandey.
Altcoin whales continue to accumulate ETH
ETH investors continued to accumulate despite the volatility, according to data provided by Santiment. In fact, at the time of writing, the top 10 whale whales hold 4.3% of the total supply compared to a year ago. Also, according to the data, 23.7% of all ETH held by these wallets remains very close to 5-year highs when it was breached for the first time at the end of January.
These metrics show that despite Ethereum’s poor performance, major Ethereum addresses are still accumulating ETH in the market. Alongside the increase in the number of long-term investors, there are significant developments – the ETH/BTC chart below shows a bullish scenario. In fact, Ethereum is starting to gain ground, exiting the long-term period of BTC dominance that began in November 2021.
Ethereum breaks multi-month resistance line
The reversal in Ethereum price over the past few weeks is succinctly by crypto analyst Justin Bennett, who posted the chart below highlighting the trend reversal. handled in some way.
The aforementioned development is a tweet that shines a light on the increasing adoption of Ethereum further supported. Compared to other “trend meme coins”, the altcoin king remains popular with top investors.
Is Dogecoin really the people’s coin?
Tasha Che, a crypto enthusiast, said in a tweet on March 25:
If you think meme coins are a “grassroots move”. It turns out that the biggest investors are Doge’s biggest whales. BTC and ETH are real individual investor tokens.
Additionally, a deeper analysis of the implications of the upcoming merger for Ethereum could have a ripple effect on its price. Analysts from the independent global macro and crypto research house MacroHive stated that the merger will have “bullish implications for Ethereum.” According to MacroHive, whose analysis we share as Kriptokoin.com, “the possibility of obtaining a passive return from the staked Ethereum will attract more investors to the field”, while the transition to PoS will “reduce Ethereum’s energy consumption by 99.95%.”
Ethereum’s 2022 performance is not in line with the market. The crypto market has been vulnerable as it has corrected several times this year. As mentioned above, ETH has dropped by around 17% of its value since January 2022.
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