Demand for Ethereum rises, but what about ETH prices?
- Ethereum has seen a surge in new demand.
- Top ETH wallets have increased their holdings significantly since the year began.
New demand for leading altcoin Ethereum [ETH] climbed to a four-month high on 20th November, data from Santiment showed.
According to the data provider, the daily count of new ETH addresses created that day totaled 94,703, marking a 33% surge from the previous day’s 70,968.
The uptick in demand for ETH coincided with its rally back above $2000 on 19th November, following two days of trading below this crucial price level.
Whales have “shunned” ETH since April
AMBCrypto’s assessment of ETH’s whale activity since the year began revealed a decline in the volume of coin purchases made by whale addresses since April.
Data sourced from Santiment showed that since 16th April, the cumulative count of ETH addresses that hold between 1,000 and 10,0000 coins have dwindled.
At 6464 addresses at press time, the number of whales that comprise this ETH investor cohort has declined by 10% in the last seven months.
Regarding smaller whales that hold between 1 and 10,000 ETH coins, their number has also fallen by 1.12% since 10th May.
Interestingly, while many whales have stayed their hands from accumulating ETH since the beginning of Q2, the top 200 ETH wallets have steadily bought the altcoin.
Since 1st January, the ETH’s supply held by this cohort of investors has increased by 97%. For context, these addresses currently hold a total of 62.76 million ETH, valued at approximately $124.1 billion.
They have accumulated 30.3% more coins since 21st November 2022, despite the persistent decline in ETH’s value in the year’s first half.
ETH stalls under $2000
At press time, ETH exchanged hands at $1,984. With resistance formed at the $2000 price level, ETH’s price has oscillated within a narrow range in the last week.
Realistic or not, here’s ETH’s market cap in BTC terms
The coin’s Choppiness Index observed on a daily chart confirmed the sideways trading pattern. This indicator measures the volatility of a financial asset over a certain period of time.
At 62.70 and in an uptrend at press time, the coin’s Choppiness Index showed that ETH’s price was not moving in a clear direction and instead fluctuated within a relatively narrow range.