The world’s second-largest cryptocurrency Ethereum (ETH) has faced strong correction during the current market fall. While Ethereum continues to hover around the $2,000 level, on-chain data hints at a possible price surge in the near term.
On-chain data provider Santiment reported that the Ethereum gas fee has dropped to a ten-month low of $2.54. It adds:
Ethereum’s average fees are at an extreme low, costing traders just $2.54 per transaction currently. This is the lowest $ETH cost level since July. Historically (but by no means automatically), $ETH prices rise after average transactions dip below $5.
Ether (ETH) Under Accumulation Phase
On-chain data shows that Ethereum has been under strong accumulation recently. The whale group of addresses holding anywhere between 10k and 100k ETH in their wallets have grown their balance from 28.3M of ETH in March to 29.0M of ETH as of date.
It means the whales have purchased more than 700K ETH worth nearly $1.4 billion. These whale addresses currently hold nearly one-fourth of the total ETH supply.
From the above image, the divergence is clear with whales accumulating at every price fall. However, along with the whales, the Ethereum retail investors have also participated equally. The Ethereum whale addresses holding anywhere between 1 to 10 ETH have grown considerably during this period.
Over the last one month and a half, the ETH whale addresses holding between 1 to 10 ETH have grown from 1.14 million addresses to 1.19 million addresses.
Industry experts are suggesting that after the recent price crash there could be a relief rally in the crypto market. If Ethereum manages to sustain above $2,000 on a daily closing basis, the ETH price could hit immediate price targets of $2,300.
However, if the relief rally sustains supported by a broader market upside, the ETH price could move to the high of $3,000 or closer to that.
- Shiba Inu Emerges As Top Choice Of ETH Whales; Here’s Why
- Just-In: Shiba Inu Will Release New Token, Here’s How To Earn It
- Breaking: China Court Rules Restrictions On USDT, Here’s Why
- After Market Turmoil, USDC Issuer Circle Comes Clean Hinting No Liquidity Risks
- Just In: More Trouble For India’s Crypto Ecosystem With Latest Enforcement
- Is Celsius (CEL) Next To File Bankruptcy After Voyager, Three Arrows
- Bitcoin Hovers Around 20K; Will It Recover?
- Lido Staked ETH (stETH) Close To Ethereum Price, Why It’s Good For Crypto
- Ethereum (ETH) Recovery To $1.1K A Dead Cat Bounce, Here’s Why
- In June 2022, Bitcoin (BTC) Recorded the Worst Monthly Performance In History, Now What?
- MANA Price Analysis: Will Triangle Breakout Propel Market Price by 40%?
- Solana Price Analysis: Emerging Pattern May Bolster SOL Above $42.5
- BNB Price Analysis: Wedge Pattern Breakout Aims BNB to Surpass $300
- APE Price Analysis: $5.6 Breakout May Trigger Bullish Reversal pattern
- CRV Price analysis: Rising $CRV Knockout $0.86 Resistance; is $1 Next?
- Polygon Price Analysis: 20 EMA Resistance Pressurize MATIC for $0.45 Breakdown
- THORChain Price Analysis: Reversal Pattern Aim RUNE Price to Hit $3.4
- Sandbox Price Analysis: Cup & Handle Pattern Aims SAND to Reach $1.5
- AVAX Price Analysis: Breakout Rally Eyes $22.1 Mark; Buy Now?
- Cardano price Analysis: ADA Price Nearing Triangle Breakout Eyes $0.655