Bitcoin (BTC) and Ethereum (ETH) witnessed an increase in unique addresses as their prices hovered around support levels. The two largest cryptocurrencies have stuck to their respective support levels for several weeks amid concerns over a market crash.
In the last two weeks, the BTC price had dipped two times to near the $38,000 level momentarily, before quickly rebounding to $40,000. Likewise, the ETH price also jumped higher from the sub $2800 level. During these fluctuations, the on-chain data development is interesting.
Bitcoin and Ethereum Undergoing Healthy Redistribution
According to on-chain analytics platform Santiment, the number of Bitcoin addresses has been growing continuously since the Russian invasion of Ukraine.
In the last two months, there are 1,629 shark and whale addresses holding between 10k to 100k BTC. Interestingly, the whale addresses are either new or have returned to this millionaire status. Thus, it means the number of whales are increasing along with their Bitcoin accumulation.
In fact, recent data showed Bitcoin is undergoing redistribution of supply between the $38k-$45k range. As a result, the long-term holders have decreased and the short-term holders have increased.
Now, Ethereum is also undergoing a healthy redistribution of ETH supply. As per data by Santiment, the number of unique addresses on the Ethereum network has mildly improved amid the price drop.
This has created an upward trend and a bullish divergence in ETH prices. The increase in daily active addresses while prices drop is a strong indicator of prices turning positive. Thus, the Ethereum price could pick bullish momentum, as the chances of dropping below the support level are limited.
In fact, the ETH price could possibly rise higher as the Ethereum network undergoes a transition to proof-of-stake (PoS).
BTC and ETH Trading Higher Above Strong Support
Bitcoin (BTC) and Ethereum (ETH) whales are buying at dips as sentiment remains in the ‘fear’ zone. In the last 24 hours, BTC and ETH prices are trading nearly 3% and 1% higher, respectively. Moreover, both BTC and ETH are rising higher in ascending channel patterns. However, investors should wait before a confirmed breakout above resistance levels is observed.
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