For the first time since November 7th, the price of Ethereum has risen beyond $1,400. Approximately 3,000 new shark addresses (containing 100 to 10,000 $ETH) have appeared on the network in the last 10 weeks. The number of shark addresses is at its most significant point since February 2021 with 48,556.
The price of Ethereum has risen to its highest point in more than two months. On-chain indicators show that the asset’s accumulation is quickening.
Today, Ethereum has surpassed Bitcoin, rising 6.7% in the last 12 hours. ETH prices rose as a result, reaching a nine-week high of $1,410 on Thursday morning during Asian trade.
Additionally, it is Ethereum’s greatest price since its 26% drop on November 9th. The asset is close to recouping the majority of the losses it sustained as a result of the FTX crash and the subsequent market downturn two months ago.
Ethereum’s price is now hovering around the high of the 2018 market cycle, which seems to be acting as resistance.
According to the on-chain analytics platform Santiment, a lot of buildups has occurred during the last two months. It speaks about wallets called “shark addresses,” which may store anything from 100 to 10,000 ETH.
Since November, this cohort has accumulated the most of the asset. The largest number of shark addresses reported since February 2021 is 48,556, the report claims.
Additionally, Ethereum staking has just accomplished a significant milestone. On the Beacon Chain, 16 million ETH are now staked. This is worth around $22.4 billion at the present pricing.
The staked stockpile is equivalent to around 13.3% of the 120.5 million ETH available in circulation. Furthermore, the Ultrasound Money tracker indicates that the annual issuance of Ethereum is almost nil or 0.006%.
Around 1 million Ethereum transactions occur every day, which is high for a down market. In the bull market, they peaked at about 1.7 million per day, which is evidence of consistent on-chain activity.
For momentum to continue, ETH prices must break over this level of resistance. The next significant barrier from here is roughly $1,600, which was last tested on November 6.
The asset traded at this level throughout the last two weeks of 2022, providing strong support on the downside around $1,200.
Following a weekly rise of 11.6%, the price of ETH at the time of publication was $1,401. The second-largest digital asset in the world is still down 71.3% from its record high, which was reached in November 2021.