The leading alt, Ethereum, slowly surrenders the $1,300 mark again. The token remains at massive downside risks if it fails to move above $1,400 for longer. However, can the ‘billionaire’ whales rescue the crypto from its continued red?
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Ethereum hovered around $1,300 during this publication, according to Coinmarketcap data. That came after the alternative token witnessed some relief. Nevertheless, this arrives as struggling Ethereum holders experience desperate times.
However, the narrative could shift as Ethereum billionaire whales touch new ATH holdings since September 11. The renowned analytical site, Santiment, commented on the same. Data shows ETH billionaire addresses (holding more than 1 million ETH) added 3.5 million more tokens since September 11.
ETH billionaire wallets accumulated Ethereum, holding 28.55 million Ethereum –ATH (during this publication). That translated to a 14% surge since the eventful Merge. The amount would be worth around $36 billion during this publication.
Surprisingly, the address supply holding 100 – 1 million Ethereum saw whales trimming assets than accumulating in August and early September. That might explain why Ethereum’s price stayed in a stagnant or consolidated phase. However, can the tale change this time? Well, Ethereum holders displayed strength.
Remember, the 7d MA addresses sending assets to exchanges hit two-year lows of 500.732. That indicated some bullishness by holders, regardless of the overall bearishness that plagued the broad cryptocurrency market.
Meanwhile, the HODLing was logical as half of the holders stayed in profits while the other 50% remained at a breakeven level or endured losses.
Ethereum has seen impressive demand within the past years, despite its extreme price corrections. Lately, a 4.5 trillion asset management company has provided Ethereum trading and custody to customers. Fidelity Investments’ crypto wing, Fidelity Digital Assets, will offer trading and custody services to institutional customers later this month.
The email from Fidelity to customers indicated that the cryptocurrency arm would offer new Institutional ETH capabilities for investors starting on October 28, 2022.
Meanwhile, bears continued to assault the cryptocurrency market. The global cryptocurrency market capitalization stood at $912.87 billion, decreasing by 0.78% within the past day. Also, Bitcoin dropped 0.38% over the previous day to $19,046.78.