Ethereum Prices Soar as Whales Dump and Sharks Scoop Up
• Whales have been selling off Ethereum (ETH) while sharks have been scooping up, leading to an increase in ETH’s price to over $1,700 for the first time in 6 months.
• Market Value to Realized Value (MVRV) ratio was below the breakeven point for 365 days and dropped to a low of -49% in November 2022.
• The current price range of ETH is the highest it has been in 6 months, with support forming around the $1,430 level.
The Ethereum Dump and Scoop
Whales have been on a dumping spree in the past year while sharks have been scooping up Ethereum (ETH). This activity has contributed towards ETH’s price rising above $1,700 for the first time in more than six months. This surge follows a period of difficulty since 2020 when Ethereum (ETH) had difficulty regaining its previous price position.
Market Value To Realized Value
The Market Value to Realized Value (MVRV) ratio became negative over a period of 365 days due to sellers cutting their losses as the value decreased. However, buyers that entered within the last 30 days were able to remain profitable despite this drop. As of writing, the MVRV ratio was close to 5%.
Six Month High Price
Ethereum’s value has increased steadily over this past week with gains of almost 4% being seen in one day alone and trading at roughly $1,740 at present. Taking a closer look at daily timeframe charts reveals that this is currently the highest range seen for ETH in more than six months with support forming close to $1,430 according to short Moving Averages (blue line).
Whale vs Shark Activity
Comparing data from whales and shark addresses shows that whale holdings have decreased while those from shark addresses has increased significantly over this past year. Over 9 million ETH were sold by whales while 3 million were added by sharks – though still minor compared to whale activity it helped offset some of its effects on prices dropping sharply.
Conclusion
As Ethereum continues its climb back up towards stability and potential growth investors should keep an eye out for changes occurring between whale activities compared against those of sharks as they both play key roles in influencing trends and ultimately prices – particularly if buying or selling any cryptocurrency asset such as ETH itself.