If the price manages to go above $2062 level, then it will likely retest the $2080 mark.
The price of ETH is $2025, up 0.55% in the last 24 hours, at the time of writing.
“Whales” have amassed a substantial amount of Ethereum. Throughout the last year, major ETH wallets have been adding ETH to their holdings. Tuesday saw the most gain for ETH in newly established wallets. Additionally, on-chain indicators corroborate the price movement of Ethereum.
The top 200 Ethereum wallet addresses acquired 62,769,000 tokens to their holdings, according to statistics from Santiment. The combined worth of all the ETH is $124.1 billion. An accumulation of this magnitude suggests that ETH’s price is going up.
Thirty percent more Ethereum has been added to these wallets in the last twelve months. Moreover, on Tuesday, 94,700 Ethereum wallets were created, which is the largest rise since July 2023.
According to Kaiko’s analysis, average gas costs on Ethereum hit multi-month highs last week and have been steadily rising since then. Moreover, Uniswap has been playing a pivotal role because of the impact it has on transaction volumes, block space need, and gas costs, especially in meme currencies like GROK.
Market Withstands Major Event
The ongoing spat between Binance and the SEC has caused chaos in the cryptocurrency markets. However, ETH maintained its value around $2,000 in spite of a decline from $2035, while Bitcoin did drop below $37,000 and is currently trading at $36,610.
Source: CoinMarketCap
According to CoinMarketCap, the price of ETH is $2025, up 0.55% in the last 24 hours, at the time of writing. Moreover, the trading volume is up 27.57%. If the price manages to go above $2062 level, then it will likely retest the $2080 mark. However, if the price manages to go below $1964 then it will likely decline further to test $1916.