Ethereum It has faced strong selling pressure over the past week. However, this outlook quickly improved. At the time of writing, Ethereum gained close to 5% and was trading at $1268. Its market value was around $155 billion.
According to on-chain data, the number of Ethereum active addresses has risen to the highest level in the last six weeks. The last time a similar trend appeared, the price was up 30% in six weeks. Santiment made the following comment on the subject: made.
“The number of Ethereum active addresses hit a six-week high yesterday. This may be one of the details of the price increase. A similar trend was seen on October 15, with the ETH price gaining 30% in three weeks.”
Ethereum Whale Accumulation Increases
Koinfinans.com As we have reported, Ethereum continues to struggle with massive selling pressure. On the other hand, whales take advantage of price drops as an opportunity. Last week, whale activity recorded its fifth largest accumulation day in a year.
The fact that the FTX crisis was effective throughout November did not affect the ETH whales much.
“The number of ethereum whale addresses has been increasing since the #FTX crash in early November. The picture shows key moments when shark and whale addresses are accumulated and discarded. The number of 100 to 100 thousand $ETH addresses is at the highest level in the last 20 months.”
Along with Ethereum bitcoin (BTC) price is also up by 3.5% and is trading at $17,000. However, the probability of Bitcoin miners making losses increases for various reasons. This is a critical detail for potential selling pressure.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.