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Ethereum (ETH) Eyes Recovery As Whales Step In, Here’s Why

Ethereum (ETH) can stabilize at current levels due to several factors, such as a successful Merge test and increased whale holdings.
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Ethereum (ETH) Eyes Recovery As Whales Step In, Here’s Why

Ethereum (ETH) has suffered heavy falls in the last two weeks, pushing it to trade below the $1800 level. However, the prices can stabilize at current levels due to several factors, such as a successful Merge on the Ropsten testnet, positive on-chain data, increased whale holdings, and other positive factors.

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Ethereum (ETH) Price Could Show Major Price Movement

Ethereum’s team has successfully completed the Merge on the Ropsten testnet on June 8, without any bugs or difficulties after the Merge. Glassnode data reveals the value of ETH staked has reached over $22.78 billion and is ready for the upcoming main-net Merge to proof-of-stake (PoS). This represents 12.8 million ETH equal to 10.78% supply.

Moreover, according to the on-chain platform Santiment, the top 10 Ethereum whales are holding more ETH than the top 10 crypto exchange addresses despite a decrease in Ethereum prices. It shows whales’ confidence in the Ethereum (ETH) price could stabilize at current levels.

Ethereum Holdings of Top 10 Non-Exchange vs Top 10 Exchanges Address. Source: Santiment

“Ethereum‘s top 10 non-exchange vs. exchange addresses are maintaining a high ratio of ETH owned over the top 10 non-exchange whales. With a tremendous 3.4x more coins held, there still appears to be a belief that prices can stabilize.”

Moreover, the ApeCoin community has agreed to keep ApeCoin (APE) within the Ethereum ecosystem, after receiving 54% votes in favor. Also, the market-making giant Wintermute plans to launch the Bebop decentralized exchange (DEX) on Ethereum. Therefore, an increase in the number of projects supporting the blockchain will increase the chances of price increases.

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Investors Should Wait Until May Inflation Report

ETH price seems to have stabilized at current levels and awaits upward movement. However, investors should wait until Friday’s Fed report on May’s inflation data to continue investing at these low levels.

At the time of writing, the ETH price is trading at $1,795, down just 1.11% in the last 24 hours.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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