The second largest cryptocurrency, Ethereum, has crossed a significant threshold, boasting an impressive 100 million addresses with balances. The achievement underscores the growing adoption and interest in this popular blockchain platform, signaling a promising future for digital currency.
IntoTeBlock, a prominent cryptocurrency data analytics firm, recently revealed the remarkable news. This milestone marks a pivotal moment in the history of Ethereum, cementing its position as one of the leading cryptocurrencies in the world.
Moreover, the Ethereum ecosystem has experienced another noteworthy development. Santiment, a crypto data provider, took to Twitter to announce that Ethereum’s whale addresses, those holding at least 1 million $ETH, now collectively possess 32.3% of the available supply. This is the first time such a concentration of wealth has been witnessed since 2016, underscoring the evolving dynamics within the Ethereum community.
Additionally, Ether has been setting records in its transaction history. Just yesterday, the network recorded its second-highest day in five weeks, with transactions exceeding the $1 million mark. This surge in high-value transactions further demonstrates the growing utility and attractiveness of Ethereum.
Ethereum Price Concerns
As Ether reaches these remarkable milestones, concerns over its price have been raised, partly due to the actions of Ethereum’s co-founder, Vitalik Buterin. Buterin recently made headlines by sending large amounts of ETH to exchanges, causing some to speculate about the impact on the token’s price.
However, Buterin has since clarified his intentions. He revealed that he has been selling the coins earmarked for charitable donations, not for personal gain. This explanation has reassured the community, alleviating some of the selling pressure built in response to his transactions.
At the time of reporting, Ethereum is trading at $1,581.87, with a market cap of $188 billion. However, the 24-hour trading volume has declined by almost 40%, reducing trading activity.
ETH encountered resistance at the 50-day Exponential Moving Average (EMA), which has impeded its progress toward reestablishing the $1,686 resistance as a support level. Nonetheless, the Relative Strength Index (RSI) offers a glimmer of hope.
The RSI currently hovers around the neutral mark at 50.0, within the bearish zone, but there’s potential for a bullish reversal. If the RSI continues to uptick, it could signal a shift in sentiment toward a bullish trend.
Conversely, If the bullish signal fails to materialize and breaches the $1,533 support level. Ethereum’s price may fall below the critical $1,500 mark, potentially invalidating the bullish outlook.