BlocksInform
Ethereum has reached its highest price level for more than two months. Chain measurements indicate assets are accumulating faster.
Ethereum outperformed today, posting a 6.7% gain on the previous 12 hours. The move drove prices up to a nine-week high of $1,410 during Thursday morning's meeting in Asia.
In addition, it is the highest ether price has been since it crashed 26 percent on Nov. 9. the assets are in the process of recovering most of their losses as a result of the collapse of the ftx and the resulting market collapse two months ago.
Ethereum is currently trading close to its 2018 market cycle peak, which appears to be serving as resistance.
The ether is still accumulating.
Chain Analysis Platform Santiment indicated that there has been a lot of accumulation in the last couple of months. It refers to "shark addresses", that is, portfolios with between 100 and 10,000 PFE.
This cohort represents the largest asset build-up since November. "48,556 shark addresses is the highest number registered since February 2021," he said.
#Ethereum has jumped above $1,400 for the first time since November 7th. In the past 10 weeks, approximately 3,000 new shark addresses (ranging from 100 to 10,000) have come online. The number of 48,556 sharks is the highest on record since February 2021. https://t.co/yJfTP3QhKIpic.twitter.com/4tzS0nsph9
— Santiment (@santimentfeed) January 12, 2023
Furthermore, Ethereum staking has also just reached a new milestone. 16 million eth are now marked on the chain of markers. It is worth about $22.4 billion in today's prices.
The staked hiding place accounts for approximately 13.3% of the total supply of eth, which is 120.5 million. Additionally, Ethereum issuance is virtually zero, or 0.006% per year, according to the Ultrasound Money tracker
16M eth staked in the Ethereum proof of stake deposit contract! ?? pic.twitter.com/zfTgKNlGQj
— terence.eth (@terencechain) January 11, 2023
The daily transactions of Ethereum are about a million, which is impressive for a bearish market. They reached a daily high of about 1.7 million in the bull market, reflecting continued chain activity.
Prices need to break down resistance to keep momentum going. By now, the next major level of resistance is around $1,600, a price that was last visited on November. 6.
On the downside, there is solid support at the $1,200 level, where the asset traded for the last two weeks of 2022.
At the time of the press, the EPF changed hands for $1,401, after gaining 11.6% per week. However, the world's second-largest digital asset remains down 71.3 per cent from its highest level in November 2021.
