The second largest cryptocurrency by market capitalization has played a role lately. After one of the steepest corrections since the beginning of the year, Ethereum was able to reach new record highs.
Ether’s market value rose more than 30% from a low of $ 2,060 on April 23 to a new all-time high of $ 2,680.
The sudden boom appears to correlate with an increase in the number of whales on the network. Ethereum’s supply distribution diagram shows that around eight new addresses with 10,000 to 1,000,000 ETH have joined the network in the past four days.
These numbers may seem insignificant at first, but mounting pressure to buy can translate into billions of dollars. These high net worth individuals hold between US $ 26.70 and US $ 2.7 billion in ETH.
Although the recent uptrend could be accompanied by a surge in profit taking, the data on the chain shows that Ethereum is on stable support.
Ethereum is trading above crucial support
IntoTheBlock’s IOMAP (In / Out of the Money Around Price) model shows that around 37,000 addresses had previously purchased 8.30 million ETH between $ 2,300 and $ 2,330.
Such a massive wall of demand could have the power to hold falling prices in check in the event of a sell-off. Owners in this field can try to do whatever they can to prevent their investments from “going out of money”.
As long as the support zone of $ 2,315 exists, Ethereum has a good chance of moving forward. However, should this demand barrier break, a re-test of the USD 1,900 area appears likely given the lack of support in between.
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