Several cryptos have been affected by the ongoing bloodbath in the crypto industry. One of such digital currencies is Ethereum, the second-largest crypto in the industry.
Ethereum has witnessed a significant price correction with the recent crypto crisis. Although the digital currency is trading in the $2000 region, users continue to be bullish.
Ethereum Gas Fee Continue To Drop
As per data from an on-chain analytical platform, Santiment, the gas fee for Ethereum has dropped. The report states that this is the lowest price drop since July. It added that;
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“The average fee for Ethereum is presently at $2.54 for each transaction. From past data, the gas fees usually rise after it dips to $5. Unfortunately, this is not the case as it has dropped far below $5. The last time it dropped this low was in July 2021.”
Whale Addresses Continue To Accumulate Ethereum
Whale addresses have been buying the Ethereum dip despite the recent price drop. On-chain data reveals that the currency has witnessed substantial accumulation after the price fell below $2000.
Whale addresses that had about 10,000 to 100,000 ETH have increased their holdings. Their balance has skyrocketed from 28.3 million ETH in March to 29 million.
Judging from this data, they have bought more than 700,000ETH worth over $1.4 billion. Presently, these addresses hold about 25% of the total Ethereum supply. At every point the price dropped, the whales purchased more quantities of Ethereum.
Meanwhile, retail investors are not left out in the accumulation. Data shows that addresses with 1 to over 10 ETH have also grown during the price drop. These Ethereum addresses have increased from 1.14 million to over 1.19 million in the past month.
Crypto Traders Remain Bullish
These recent purchases show that users are still bullish on the cryptocurrency. Hence, traders who lost when the price went down are buying more to recover their losses. Several analysts believe that the crypto market will witness a severe boom after the storm.
Meanwhile, experts in the industry believe relief is on the horizon for Ethereum traders. If the currency can climb over the $2,000 barrier and hold, this is possible. Although the price has entered the $2,000 region recently, the bulls have not been able to hold it for long.
If Ethereum remains above the $2,000 region for some time, it could hit $2,300 soon. Also, if a wider market upside sustains it, Ethereum’s price might hit the $3,000 mark. At time of writing, Ethereum is trading at $1,974.
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