 |
| Source: Wallpaperflare.com |
This week, due to the
FTX-caused fall, Ethereum plummeted below the $1,100 threshold. On Friday, ETH
recovered from its weekly lows and surpassed the $1,200 mark again. The
second-largest cryptocurrency by market size increased by 2% during the day's
trading and is attempting to cross $1,200.
Whale trading in Ethereum has
dramatically increased this week, according to on-chain monitoring and
analytics company Santiment. As ETH is currently on sale, both sharks, as well as whales, are accumulating it during the slump.
When ETH last fell below $1,000,
it did so in June 2022, reaching $950. Two months later, in August, it reached
$1,982. Therefore, anytime Ethereum hit fresh lows in the indices, its price
swiftly recovered.
By year's end, will Ethereum increase by 50%?
 |
| source:gatewaypk |
According to Santiment data,
Ethereum saw a similar decline in 2020 before recovering roughly 50% in less
than 2 months. After sharks & whales started buying ETH during the fall,
its price recovered 50%.
A similar scenario occurred in
June 2022 because once ETH fell under $1,000 and climbed to $1,982 in just two
months. Santiment, therefore, asserted that Ethereum is much more likely to
overcome its $1,200 resistance and reach $1,700 before the end of the year.
With prices, less than 25% of their historically high levels from a year ago, "Ethereum's active shark and or whale addresses continue to accumulate. These 100 - 100k ETH addresses helped ETH's price increase by +50% over 5 weeks in October or November 2020, according to Santiment's tweet.
🐳🦈 #Ethereum's active shark & whale addresses continue accumulating with prices less than a quarter of their #AllTimeHigh levels a year ago. In Oct/Nov 2020, these 100 to 100k $ETH addresses assisted in pushing $ETH to a +50% price rise over 5 weeks. https://t.co/v8gh4RfV7z pic.twitter.com/Oe3lTo12uj
— Santiment (@santimentfeed) November 23, 2022
But this time, because of the FTX
but also Alameda scandal, the markets are acting differently. Absent a
persistent uptrend in the market, a 50% pump is unlikely. It is advisable to
wait and observe the current cryptocurrency trends before entering the Ethereum
market.
At the time of publication, the price of Ethereum was $1,196, up 1.8% over the previous day's trading. From the all-time peak of $4,878, which was hit in November 2021, it has fallen by 75.5%.
