The world’s largest altcoin, Ether, has been under pressure due to the market corrections of 2022. Despite this, data suggests that the asset is still viable. On-chain transaction and trading volumes have experienced a notable decline since their peak in early November of the previous year, indicating a lack of enthusiasm among traders.According to Santiment’s analysis, there has been considerable psychological support around the $1,500 mark. If ETH were to reach this threshold, there could be a substantial surge in volume. Santiment also pointed to a 4-month-long dump in supply from addresses holding between 10 and 10,000 ETH.Retail investors, holding at least 10 ETH, have been accumulating Ether at the current levels and reached a 4-week high in doing so, according to Glassnode’s alert. This sentiment was further validated by the increasing outflow of Ether tokens from crypto exchanges. In fact, ETH exchange balances reached a 5-year low of a little over 14.8 million ETH. Overall, the data suggests that Ether is still viable despite the market corrections of 2022. Retail investors are regaining confidence in the market and Ether tokens are being taken off exchanges, indicating a potential surge in volume if ETH reaches the $1,500 mark.
This News Article was automatically generated by Bob the Bot(AI)
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | None |
| Companies | Glassnode, Santiment, Binance, None, PrimeXBT |
| Currencies | Lido Staked Ether, Ethereum, Bitcoin |
| Securities | None |
