In the context of large-scale sell-off in the broader hidden market, the price of eutum (Eth) has fallen below $2000, which seems to be a huge whale dumping ground. As of the time of publication, Etalum's stock price fell by 6
In the context of large-scale sell-off in the broader hidden market, the price of eutum (Eth) has fallen below $2000, which seems to be a huge whale dumping ground. As of the time of publication, Etalum's stock price fell by 6.30% to $1955, with a market value of $233 billion.
The recent developments have occurred in the sleeping ether whales, who purchased a large number of whaling in 2018 and sold all 150000 ETH on April 18th.
However, online data provider Santimont believes that the recent price drop will not last for a long time. Therefore, the price of ETH is likely to rise again to $2000 or even more.
Why is the dormant sea whale movement positive for ETH prices?
Data provider Santimont reports that whenever dormant assets move, they may indicate significant changes in prices, usually in a positive direction. It also notes that assets transferred from old addresses to new addresses are more likely to increase the rate of token movement between addresses on the network.
Whenever the circulation of ETH coins in a dormant state reaches a peak, they usually match the bottom of the price.
In addition, the average US dollar investment age shown by the above red line has been moving downwards in the past week. This indicates that the average age of investing in addresses has also decreased.
In this report, Santimont explained, "Young dollar investment ages have historically been more suitable for bull markets, and we need to closely monitor whether this trend continues
Furthermore, the recent dumping of 150 kilotons of ETH by whales is not a terrifying sign, as every address has a huge accumulation. Therefore, this sample size is not sufficient to assume any mastermind manipulating the market.
So far this year, Etalum has achieved good performance due to a 70% increase in ETH prices. This will be interesting to see how long ETH has rested and then resume its upward journey once again.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
