Decrypt Ethereum [ETH] Whale movement for your next trade

ethereum, The second largest cryptocurrency in the world, it experienced huge price fluctuations after the merger. However, over the past seven days, the price of Ethereum appears to be forming a stabilizing point. In fact, it seems that whales may stop supporting Ethereum.

Here AMBCryptos Ethereum Price Prediction For 2022-2023

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Large investors may be one of the reasons for the growth in the price of Ethereum. according to CryptoQuant’s Analysis Provider Update, higher prices with lower volumes may indicate that price action is at the mercy of whales.

Interestingly enough, at the time of this news release, it appears that whales are starting to lose interest in ETH.

Tweet posted by glass analysis companyHe noted that the number of addresses containing more than 10,000 coins has fallen to the lowest level per month.

Source: glassnode

Along with the drop in addresses holding massive amounts of ETH, the number of active addresses has also seen a decline. according to glassnode dataIt reduced the number of active addresses on the Ethereum network, reaching a 3-month low on October 27.

Despite the decline in activity, there were other areas where Ethereum showed gains.

The growth of the Ethereum network has increased in recent days. Thus, indicating that the number of new addresses transferred Ethereum increased for the first time.

Moreover, the volume of transactions also increased in profit during the same time period.

Source: feeling

Although the vicissitudes EthereumIn the current situation, major companies have continued to show their belief in alternative digital currencies.

For example, Google, in a blog post Published on October 28, they announced that they will launch a Blockchain Node Engine, which will help customers monitor their Blockchain nodes.

At the time of publication, the service was only available to the Ethereum network, and Google will eventually plan to make this service available to more networks later. However, there is a possibility that Ethereum will take advantage of the first mover advantage in this case.

It remains to be seen which direction ETH will take in the future.

At the time of writing this report, Ethereum It is traded at $1500 and is down 3.06% in the last 24 hours. Ethereum volume has also decreased by 14.98% over the same time period.

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