The ETH Whales’ Epic Buying Spree is a Bullish Sign

Renowned crypto analyst Ali noticed a striking trend among Ethereum whales. The whales have been on an accumulation spree for nine days, a milestone that has not been seen in the past nine months. Ali's sharp observation has sparked optimism in the crypto community, as it raises the prospect of bullish movements for Ethereum. On-chain data reveals Ethereum's whale addresses control 30% more ETH today than a year earlier, highlighting the importance of this recent accumulation.

In other news, the Ethereum ecosystem is experiencing a seismic shift as whale addresses continue to accrue at an unprecedented rate. Santiment data shows that the 200 biggest Ethereum wallets collectively own 62.76 millions ETH worth $132.1 billion. This incredible accumulation represents a 30,3% increase in holdings from Nov. 21, 2022. It consolidates the control of these whales on 52% of Ethereum’s circulating stock. A surge of new ETH wallets created on the same date indicates growing interest in cryptocurrency.

Ethereum Whales Accumulate Massive Tokens As Bullish Signals Emerge

This is the first time in nine months that Ethereum whales are on an accumulation spree lasting nine days. Ali, a crypto analyst known for his keen insight into the cryptocurrency markets, identified this trend. He believes that it could indicate a strong bullish move for Ethereum (ETH).

Ali's observations have sparked speculation in the crypto community, as they suggest that large investors are regaining confidence in Ethereum. Data from Santiment, a provider of on-chain analytics, shows that as Ethereum's growth accelerates large whale addresses control 30% more ETH than a year ago.

According to the most recent data, the 200 biggest Ethereum wallets hold a collective 62.76 millions ETH with a value of 132.1 billion dollars. This is a huge increase from the 48.2 millions ETH that these wallets held in November 2022. Since November 21, 2022 these whales have added an additional 30,3% to the total Ethereum supply. They now control 52% of Ethereum tokens in circulation.

The surge in Ethereum wallet activity does not only affect whales. On November 21, 94.700 new Ethereum wallets have been created, the most since July. This new influx of participants in the Ethereum ecosystem is a reflection of the growing interest in cryptocurrency, probably driven by recent price fluctuations and future gains.

READ  Tether's financial triumph: record $2.85B Q4 profit and strategic asset growth

Daily chart for ETH/USDT Source: TradingView

In terms of price fluctuations, Ethereum (ETH), at the time this article was written, had seen a 0.23% drop in the last 24 hours. Its price was hovering around $2,076. Just a few weeks ago, on November 24, bulls drove Ethereum's price to a peak of $2,134, before a slight retracement. If this critical resistance level can break, ETH could embark on a upward trajectory towards 2,200 and potentially pave the way for a larger push to $3,400.

This optimistic outlook is not guaranteed as the Ethereum price remains susceptible to market dynamics. The crypto community closely monitors the $1,900 critical support level. If this support level is breached, it could cause the market to lose confidence in the bullish scenario.

Ethereum investors and enthusiasts are also eagerly awaiting the Ethereum Dencun upgrade. Tim Beiko, an Ethereum developer, recently shared his insights from the ACDE call (All Core Developers' Ethereum), held earlier this week. The development teams reached a consensus that Devnet 12 will be launched in the next week following the stability and success of Devnet 11. There is only a minor issue with peering between ETHJS & Lodestar.

Moreover, EF DevOps and all client teams will stop using their validators once Dencun goes live on Goerli. This decision will take effect 3 months after Goerli is live or 1 month after mainnet upgrade. It reflects ongoing efforts to improve the Ethereum network's reliability and security.

Anyone can run a validator in Goerli. However, the fact that the network cannot be "sunset", highlights the importance of validators. They collectively represent a significant portion of stakes and have historically been a reliable backbone for the Ethereum ecosystem.

The future of Ethereum is a topic of intense speculation and interest among crypto enthusiasts. Ethereum whales are continuing to accumulate tokens, and the network continues to undergo upgrades to improve performance and security. In the coming weeks, we will know whether or not the bullish momentum that Ali observed will continue to push Ethereum's value to new heights.

Charles Hoskinson takes a sarcastic swipe at Vitalik Buterin’s Ethereum Staking Ideas

In the cryptocurrency world, two prominent figures exchanged insults and compliments. Charles Hoskinson is the co-founder and founder of IOG and Cardano. Vitalik Buterin is also a co-founder and founding member of Ethereum. Hoskinson's response to Buterin's recent comments about Ethereum's centralized staking was sarcastic.

READ  HKbitEX receives provisional approval for virtual asset trading platform license in Hong Kong

Vitalik Buterin recently conducted an interview in Turkey with the local cryptocurrency communities and discussed Ethereum’s roadmap. Buterin addressed a number of topics, including Ethereum's stake mechanisms. He expressed his concern about the increasing centralization in this area.

Buterin outlined the current challenges of Ethereum's staking environment, such as the presence of multiple staking pool and the perceived difficulty of solo staking. He stressed that these issues were detrimental to the health of the entire network. Buterin plans to redesign the Ethereum staking system in order to address these concerns.

Buterin is exploring the Unspent Transaction Output approach (UTxO), a concept based on the idea of tracking undespent transactions. This approach has been popularized by its implementation in blockchains like Cardano.

Charles Hoskinson - known for his role in the creation and development of Ethereum with Buterin, Joe Lubin and others - responded to Buterin’s remarks by using a little sarcasm. Hoskinson replied, "No worries. Ethereum 3 will sort it out." This dry retort highlights ongoing rivalry between Ethereum, Cardano and their platforms.

Buterin has not raised this topic before. He acknowledged earlier this year the limitations of Ethereum’s staking system, which drew criticism from Hoskinson, and the Cardano Community. They took the opportunity to highlight that Cardano already had features in place to simplify staking and that Ethereum was still catching up.

This exchange between the blockchain pioneers highlights the competitive nature of cryptocurrency, where projects compete for dominance and adoption. Ethereum and Cardano are both pioneering platforms in their respective fields. They continue to shape the future for decentralized finance and intelligent contracts with different ideologies and approaches.

The crypto community is watching these developments closely, and the rivalry between Ethereum Cardano continues to be a compelling feature of the blockchain landscape. Time will reveal the direction that these two blockchain projects will take, whether Buterin's plans to revamp Ethereum's stake system are realized or if Cardano maintains an advantage in this area.