ETH Price Drops Below $2K, On-Chain Data Hints At Ethereum Accumulation Phase!
The de-pegging of UST and the accompanying downward spiral of the crypto markets has affected the price of Bitcoin and the entire digital asset. Ethereum (ETH) has once again slipped below $2000. After hitting a low of $1700 a few weeks ago, the coin had managed to recover some ground. The rising trend, however, has paused. The coin has battled to stay above the $2k threshold over the last seven days.
Ethereum is performing worse than Bitcoin (BTC) in terms of price, as the rate continues to fall following a failed attempt to stand still above $2,000. If investors fail to grasp the opportunity, prices are likely to fall sharply below $1,900 in the coming days.
Ethereum Blessing in disguise
Large Ethereum holders appear to be taking advantage of the last month’s fall to accumulate additional coins, according to on-chain data, but retail demand for ETH does not appear to be slowing down.
Following the recent Crypto market crash, the group of investors holding between 10,000 and 100,000 ETH in their wallets own the majority of ETH, accounting for over a fourth of the total ETH supply. As can be seen in the chart below, this group of investors has a significant impact on the asset’s price action, and their ETH balance sheet continues to rise.
They’ve been accumulating significantly, increasing their overall balance from 28.3 million ETH in March to 29 million ETH today, a gain of nearly 700,000 ETH, or $1.38 billion.
The indicator’s divergence is very evident, indicating that a large number of investors are eager to accumulate at these levels in anticipation of future ETH profits.
A big number of addresses (+2 million) purchased between $1970 and $2087, implying that if that price resistance is broken, the price might potentially expand to newer highs if conditions are favorable.Source