Ethereum
Ethereum Whales Are on the Move: What Does This Mean for the Future of ETH?
- Ethereum whales have been accumulating large amounts of ETH in recent days.
- Developments for Ethereum followed, the price remained stagnant.
Ethereum [ETH] the price has remained stagnant in recent days, despite this, whales have shown interest in the ETH token.
Ethereum whales are moving in
The number of Ethereum wallets holding significant amounts of ETH is increasing.
According to data from Santiment, over the last four weeks there has been a massive increase of over 3% in Ethereum addresses holding over 10,000 ETH.
Whales hold a significant amount of ETH and their buying activity can significantly influence market sentiment. If they continue to accumulate, this may increase demand for ETH, which could lead to higher prices.
This can attract additional investment, creating a positive feedback loop and propelling the price even higher.
While whales can contribute to price appreciation, their actions can also introduce volatility.
If these large holders decide to sell a significant portion of their ETH holdings in a coordinated manner, it could trigger a sudden price drop, causing panic among small investors.
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New developments on the network
Besides whale interest, another factor that could have a significant impact on Ethereum would be the ongoing developments on the network. During the last developer call, several aspects of the Ethereum network were discussed.
This meeting of Ethereum developers discussed upcoming advances in the Ethereum blockchain. Discussions focused on three main areas of improvements related to Electra, PeerDAS and SSZ.
Electra is the name of a series of upgrades to the Ethereum consensus layer, which coordinates validators on the network. The call was about the imminent code completion for the next version of Electra and the upcoming testing phases.
PeerDAS refers to a planned change to the Ethereum network’s communications system. This would allow nodes to process and validate larger amounts of user data.
The developers are planning separate testing phases for PeerDAS to ensure its stability before integrating it into the mainnet.
Finally, the call discussed SSZ, a technical specification for data encoding. Several SSZ-related improvements are under development and are being explored for potential inclusion in a future major upgrade.
Read Ethereum [ETH] Price prediction 2024-2025
Looking at the price
At press time, ETH was trading at $3,524.08 and its price was down 1.08% in the last 24 hours.
Despite the price drop, the volume at which ETH is trading has increased by 30%.
Source: Santiment