Ethereum Still Attempting to Reclaim $600

Since early November, the price of Ethereum has benefited positively from the news and events surrounding the launch of ETH2.0. At the beginning of last month, Ethereum was trading at approximately $400 only to rise to $633 on the day of the launch – December 1st- of the Beacon Chain phase of the upgrade.

At the time of writing, Ethereum is trading at $590. With the weekend up ahead, Ethereum could attempt to close the week above $600. Such a scenario would be very bullish and would open the doors to higher levels such as $750.

However, as with all altcoins, Ethereum’s fate is tied to that of Bitcoin and the King of Crypto looks set to begin on what looks like a correction. A drop by BTC will consequently affect Ethereum’s short term plans of breaking $600.

Whales Transfering their ETH to ETH2.0 Further Explains the Redistribution

The redistribution of Ethereum from the top 10 ETH whales is as a result of the same whales sending their funds to the ETH2.0 staking contract. The team at Santiment further elaborated on this as follows.

In this case, it’s more attributed to #ETH2 deposit contract moving to a new address. So this is certainly more of an anomaly than any whale activity we typically report on.

The decline is undoubtedly caused by #ETH2 deposit contracts being moved to new addresses.

Below is a chart by Santiment demonstrating the drop in ETH holdings by the top 10 whales.

Quick take:

  • The amount of Ethereum held by the top 10 ETH whales has dropped from 16.4% of the total supply to 4.5% in one month
  • This is a case of redistribution as more ETH addresses are created
  • Whales transferring their ETH to ETH2.0 explains the redistribution further
  • Ethereum is once again battling to reclaim $600

The amount of Ethereum held by the top 10 ETH whales has seen a drastic drop in the last one month. According to data from the team at Santiment, in the last 30 days, the amount of Ethereum held by the same whales has dropped from 14.5% of the total ETH supply to 4.5%. The team at Santiment further explained that the drop in whale holdings is a sign of clear redistribution of ETH as new addresses have been created.

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