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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ethereum Addresses Holding 32 ETH Or More On The Rise, This On-Chain Data Shows

Christian Encila
Christian Encila
2 years ago
3 mins read
Ethereum

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As the bear market continues, Ethereum – the second-biggest cryptocurrency – continues to struggle. If you look at the data from CoinGecko, the most notable positive change is 4.1% on the bi-weekly timescale.

The red flashing of the longer time scales, however, indicates that ETH has been declining in value since the FTX collapse, and this fact overshadows the shorter time scales.

  • The upswing was triggered by a sudden increase in demand for prime real estate
  • The descending triangle, a confirmation of a rally, is formed in part by accumulation blocks
  • To push prices higher, ETH buyers need to break over the $1,306.66 barrier

However, a number of indicators are suddenly showing optimistic signs. With the price of ether at $1,283 right now, recent headlines have reported a sharp increase in the number of holders with certain units of ether.

Glassnode discovered a surge in the number of addresses holding 32 ETH or more, or nearly $42,000, despite the fact that the price of Ethereum (ETH) has been dropping and has been volatile.

The chart indicating the number of active addresses that had been tallied showed that there were more than 127,000 of them. In addition, it was quite evident that the number of addresses at this time had not only been up but had reached an all-time peak in the previous few years.

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Possibly Creating A Rally?

Contrary to the rise, CryptoQuant reports that the number of active addresses fell on December 7th. Another bullish indicator is the sharp drop in foreign exchange reserves that has coincided with the rise in the number of high-value addresses.

ETH created two bullish order blocks before the increase in high-value addresses. The price of ETH increased by 14.33% and 12.94% during the first and second bullish blocks, respectively.

Chart: CryptoQuant

The increase of high-value addresses has not yet been reflected in the price, as the price has decreased throughout this time period. Recent market moves have also contributed to the creation of a bullish descending triangle.

The regression channel, which has a Pearson’s R value of 0.6824, bolsters this bullish finding. This indicates that the upward breaks of the upper half of the regression channel correspond to a significant upward trend.

Chart: TradingView

Quite Surprisingly Bullish

The moving average of the Bollinger band acts as resistance at $1,252.15, thereby prolonging this surge. With the RSI rising and the MFI turning bullish, though, the ETH price should explode.

Consequently, ETH bulls should initially aim for $1,306. If momentum permits, a further target of $1,348 would indicate that this is the relief rally that ETH holders have been anticipating.

The construction of bullish order blocks, the decline in exchange reserves, and the increase of high-value addresses led to the current state of affairs. With Bitcoin’s bullish trend, the future of Ethereum appears to be very bright.

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ETH total market cap at $156.7 billion on the daily chart | Featured image - The Block, Chart: TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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