Ethereum Holds the $1,200 Support Zone. With respect to price, Ethereum is currently trading at $1,227 in the midst of a crypto market sell-off as a result of Bitcoin losing the $35k support zone and dipping to a local low of $31,300.
The selling surrounding Bitcoin can be linked to two events. Firstly, earlier today Bitcoin whales sold their bags causing a ripple effect in the entire crypto markets. The CEO of CryptoQuant, Ki Young Ju, identified the event and elaborated on it as follows.
Whales are depositing $BTC to exchanges. No doubt it’ll hit $100k this year, but in the short-term, if we wouldn’t see any significant buying pressure from CoinbasePro, I think $BTC would be bearish. Should keep eyes on Coinbase outflow and Coinbase Premium
Secondly, the team at Bitmex research identified a double-spend transaction on the Bitcoin blockchain that has rattled the crypto community a bit as they wonder if it will have any long term effects on BTC.
The above two events have thus affected Ethereum that has dropped from $1,390 to a local bottom of $1,190. ETH has since retained the $1,200 price area as support. This area will be an area of interest in the next 24 – 48 hours as traders wait for the volatility to subside in the crypto markets.
Quick take:
- Ethereum whales holding 10,000+ ETH increased from 1,211 to 1,225
- The increment was experienced after Ethereum hit a new all-time high
- However, smaller Ethereum addresses have taken profits
- Ethereum is still above $1,200 despite Bitcoin suffering a minor dump
The number of Ethereum whales holding 10,000 or more ETH increased by 14 from 1,211 to 1,225. This is according to data from the team at Santiment feed who also point out that the increment happened after Ethereum hit a new all-time high. Furthermore, the increment of Ethereum whales was happening as smaller ETH addresses took profits at the record-high levels.
The team at Santiment shared their observation of Ethereum whales via the following statement and accompanying chart tracking their holdings.
Think Ethereum whales are taking profit after $ETH‘s first #ATH in 3 years? There were 1,211 addresses with 10,000+ $ETH addresses Saturday, just before history was made. This # is now up to 1,225.
Meanwhile, smaller addresses are profit taking.
