- On Monday evening, cryptocurrency prices were trading in the green. Bitcoin and Ethereum both increased in value, as did other altcoins.
- The market capitalization of ETH was $158.56 billion. Its trading volume increased by 11.18% to $5.78 billion.
- ETH whales preferred to keep their holdings rather than sell them.
Now that Ethereum [ETH] has surpassed the $1,200 mark, it is only natural to speculate on how it will end 2022. Here are some recent observations that could set the tone for ETH’s performance in the near future.
Last week, ETH delivered an overall bullish performance, capping off an otherwise bearish November. However, recent observations indicate that the cryptocurrency’s performance this week may be marked by low volatility. According to one of the most recent Glassnode alerts, Ethereum’s transaction volume has reached a new monthly low of 56, 868.45 ETH.
The above observation confirmed that ETH had lost its bullish momentum from the previous week. In other words, the cryptocurrency’s gains may not be sustained. Consider the following observation before forming a bearish expectation. The number of addresses with more than 100 ETH reached a new 21-month high recently. This could indicate that buyers have been stockpiling ETH rather than selling.
The observed uptrend in the ETH addresses with balances greater than 100 ETH metric confirmed the preceding observation. This also indicated that whales were willing to sell for the time being.
This observation could set the tone for this week’s ETH price action, especially if those addresses and higher whale categories keep their coins. There have been no outflows from the most important addresses. Furthermore, the supply held by top addresses (as a percentage of total supply) confirmed a significant accumulation in mid-November.
The same metric revealed no sell pressure from top addresses. As a result, this could be confirmation that the whales were not ready to sell. This was the case despite a drop in weighted sentiment, indicating a higher likelihood of downside. Nonetheless, the bearish sentiment reflected the mentioned drop in momentum.
