Ethereum Megalodons Rise! Should we Expect a 100x Rally in 2023?
Ethereum Megalodons Rise: Ethereum originated from trading platforms Genesis and Poloniex
Ethereum Megalodons Rise: Ethereum bulls wake up after four years to transfer 22,982 ETH. According to Cointelegraph, both of them were last active five years ago, which is a signal of increasing activity of old ETH holders on the network, which leads us to certain conclusions. The activity of dormant addresses like the ones listed in Lookonchain’s post is not unusual: networks are constantly seeing a spike in the activity of certain addresses that have not been active for years. Unfortunately, such awakenings are not a good factor for assets moving in a downtrend.
ETH originated from Genesis and Poloniex
With the intense selling pressure present on the market, selling contributions by whales is the last thing investors need at this point. Ethereum’s recent price performance shows that bulls are unable to keep up with existing market conditions as the price of the second biggest cryptocurrency on the market plummeted below the $1,200 price threshold. The inability to recover to pre-FTX levels and at least two failed rallies could have been the main reasons behind investors’ desire to drop some of their holdings and de-risk their portfolios.
On Dec. 13, Ethereum broke down and lost more than 11% of its value in the last three days, making yet another breakthrough attempt that has been negated after the market realized that the FED’s actions are not helping risky assets like Ethereum, Bitcoin or cryptocurrencies in general. As for the whales, the addresses made no transfers after the initial alert. On-chain analytics have not found any connection of those addresses to any kind of illicit platforms or on-chain entities that participated in some kind of criminal activity. At press time, Ethereum is trading at $1,185 and gaining 0.15% to its value in the last 24 hours.
Impact of ETH Whale Activity
Data from blockchain analytics firm Santiment shows ETH supply held by the top addresses on crypto exchanges has been on the rise since early June. On the other hand, ETH supply held by the top non-exchange addresses i.e., ETH held in hardware wallets, digital wallets etc. has been declining since early June. But why June? Because it was around that time that a tentative timeline for the Merge was disclosed to the community.
Santiment had tweeted last week that over the past 3 months, whales had beefed up their exchange holdings by 78%
So, what does this mean? It means that Ethereum whales are moving their ETH onto exchanges. Top ETH hodlers are taking their supply out of cold storage and moving it to exchanges, most likely to facilitate a quick transaction if needed.
In the run up to the merge, a number of exchanges like Coinbase and Binance announced that they will be suspending all ETH and ERC-20 token deposits and withdrawals, in order to ensure a seamless transition.
Ethereum Price Prediction 2023
Making a long-term prediction for Ethereum’s price means looking at its fundamentals. The more adoption Ethereum gets, the more likely the price of the coin will rise. When the price reaches resistance at around $3,000, a catalyst event is one way that the price will break through that level. That could be the complete version of Ethereum 2.0.
Ethereum will likely be fully merged with Ethereum 2.0 by 2023 and running without issue. In 2023, our short-term ETH/USD price prediction suggests a push to a max of $5,093.85 is possible but also suggests Ether could hit a low of $3,110.42. An average of $5,639.28 is expected by the end of 2023.
Is Ethereum a Good Investment?
Ethereum is one of the most popular and well-respected cryptocurrencies on the market today. It was one of the first blockchain platforms to gain widespread recognition, and as such, it enjoys a distinct advantage in terms of market share. This early mover advantage means that people looking to invest in cryptocurrencies are likely to turn first to Ethereum. That’s despite many competitors entering the scene.
Furthermore, as smart contracts become a more integral part of our online lives, Ethereum will likely continue to be the dominant platform for developers looking to create innovative new products. Whether talking about banks scrutinizing transactions or web users storing personal data, Ethereum is sure to play a key role in shaping our digital future.
Regarding the utility of cryptocurrencies, Ethereum consistently comes out on top. This is partly because Ethereum has a much broader range of applications than Bitcoin. While Bitcoin is still the most popular and widely-used cryptocurrency, many developers are flocking to Ethereum for its superior technology, flexibility, and compatibility with other blockchains. Whether you want to use it for decentralized finance, gaming, or even blockchain solutions for business, the versatility of Ethereum makes it an ideal choice.
The post Ethereum Megalodons Rise! Should we Expect a 100x Rally in 2023? appeared first on Analytics Insight.
Ethereum Megalodons Rise: Ethereum originated from trading platforms Genesis and Poloniex
Ethereum Megalodons Rise: Ethereum bulls wake up after four years to transfer 22,982 ETH. According to Cointelegraph, both of them were last active five years ago, which is a signal of increasing activity of old ETH holders on the network, which leads us to certain conclusions. The activity of dormant addresses like the ones listed in Lookonchain’s post is not unusual: networks are constantly seeing a spike in the activity of certain addresses that have not been active for years. Unfortunately, such awakenings are not a good factor for assets moving in a downtrend.
ETH originated from Genesis and Poloniex
With the intense selling pressure present on the market, selling contributions by whales is the last thing investors need at this point. Ethereum’s recent price performance shows that bulls are unable to keep up with existing market conditions as the price of the second biggest cryptocurrency on the market plummeted below the $1,200 price threshold. The inability to recover to pre-FTX levels and at least two failed rallies could have been the main reasons behind investors’ desire to drop some of their holdings and de-risk their portfolios.
On Dec. 13, Ethereum broke down and lost more than 11% of its value in the last three days, making yet another breakthrough attempt that has been negated after the market realized that the FED’s actions are not helping risky assets like Ethereum, Bitcoin or cryptocurrencies in general. As for the whales, the addresses made no transfers after the initial alert. On-chain analytics have not found any connection of those addresses to any kind of illicit platforms or on-chain entities that participated in some kind of criminal activity. At press time, Ethereum is trading at $1,185 and gaining 0.15% to its value in the last 24 hours.
Impact of ETH Whale Activity
Data from blockchain analytics firm Santiment shows ETH supply held by the top addresses on crypto exchanges has been on the rise since early June. On the other hand, ETH supply held by the top non-exchange addresses i.e., ETH held in hardware wallets, digital wallets etc. has been declining since early June. But why June? Because it was around that time that a tentative timeline for the Merge was disclosed to the community.
Santiment had tweeted last week that over the past 3 months, whales had beefed up their exchange holdings by 78%
So, what does this mean? It means that Ethereum whales are moving their ETH onto exchanges. Top ETH hodlers are taking their supply out of cold storage and moving it to exchanges, most likely to facilitate a quick transaction if needed.
In the run up to the merge, a number of exchanges like Coinbase and Binance announced that they will be suspending all ETH and ERC-20 token deposits and withdrawals, in order to ensure a seamless transition.
Ethereum Price Prediction 2023
Making a long-term prediction for Ethereum’s price means looking at its fundamentals. The more adoption Ethereum gets, the more likely the price of the coin will rise. When the price reaches resistance at around $3,000, a catalyst event is one way that the price will break through that level. That could be the complete version of Ethereum 2.0.
Ethereum will likely be fully merged with Ethereum 2.0 by 2023 and running without issue. In 2023, our short-term ETH/USD price prediction suggests a push to a max of $5,093.85 is possible but also suggests Ether could hit a low of $3,110.42. An average of $5,639.28 is expected by the end of 2023.
Is Ethereum a Good Investment?
Ethereum is one of the most popular and well-respected cryptocurrencies on the market today. It was one of the first blockchain platforms to gain widespread recognition, and as such, it enjoys a distinct advantage in terms of market share. This early mover advantage means that people looking to invest in cryptocurrencies are likely to turn first to Ethereum. That’s despite many competitors entering the scene.
Furthermore, as smart contracts become a more integral part of our online lives, Ethereum will likely continue to be the dominant platform for developers looking to create innovative new products. Whether talking about banks scrutinizing transactions or web users storing personal data, Ethereum is sure to play a key role in shaping our digital future.
Regarding the utility of cryptocurrencies, Ethereum consistently comes out on top. This is partly because Ethereum has a much broader range of applications than Bitcoin. While Bitcoin is still the most popular and widely-used cryptocurrency, many developers are flocking to Ethereum for its superior technology, flexibility, and compatibility with other blockchains. Whether you want to use it for decentralized finance, gaming, or even blockchain solutions for business, the versatility of Ethereum makes it an ideal choice.
The post Ethereum Megalodons Rise! Should we Expect a 100x Rally in 2023? appeared first on Analytics Insight.
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