Ethereum

<ul><li>Ethereum experiences a significant decrease in on-chain and trading volumes.</li><li>Whales holding 10 to 10,000 ETH have liquidated their holdings for four months.</li><li>A psychological support level emerges around the $1,500 price point for Ethereum.</li></ul>Ethereum, the second-largest cryptocurrency in terms of market capitalization, once soared to remarkable heights, achieving an impressive all-time market cap of $489.17 billion on November 10, 2021. But the tides have shifted since then. Following a drastic downturn in 2022, the digital asset now trades at around $1,650, approximately one-third of its value just 22 months ago.Santiment, a platform offering on-chain and social metrics for cryptocurrencies, recently shared a Twitter post providing insights about the ongoing development activity in the ETH market.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/c45fef366ce44a18864058d0a768e125.png" />Last year, the crypto sphere watched with bated breath as Ethereum prepared for a major update, commonly called the merge. This upgrade was anticipated to address scalability issues and excessive energy consumption, and in that regard, it delivered. However, this success did not translate into a sustained price surge for the asset. Ethereum&#39;s inability to break free from its current price range has led to a waning trader interest, especially when juxtaposed against other top-tier crypto assets.More concerningly, <a href="https://insights.santiment.net/read/shed-a-teareum-for-ethereum-7365?utm_source&#61;twitter&amp;utm_medium&#61;post&amp;utm_campaign&#61;twitter_shed_a_teareum_for_ethereum_insight_b_082823/&amp;fpr&#61;twitter" rel="noopener noreferrer nofollow">data</a> indicates that Ethereum whales—those holding between 10 and 10,000 ETH—have reduced their holdings. Accumulation of Ethereum by these significant stakeholders spiked at the end of last year, but a sharp selloff ensued, especially when prices reached an approximately one-year high of around $2,120. This selloff has lasted for about four months, and although the reduction in their holdings isn&#39;t necessarily a death knell for Ethereum, it is certainly a sign to watch closely.Read full article at <a href="https://cryptotale.org/ethereums-whales-exit-stage-as-market-cap-struggles-to-find-solid-ground/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Ethereum's Whales Exit Stage as Market Cap Struggles to Find Solid Ground

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