• bitcoinBitcoin$37,733.001.42%
  • ethereumEthereum$2,589.544.29%
  • ElrondElrond$147.834.54%

Despite Correction, ETH Whales Are Withdrawing Coins at Record Rates

Ethereum has experienced a correction of about 15% since the ATH it reached $4,800 a week ago. Despite this, ETH whales continue to trade the supplies.

But it can be said that there is an interesting supply war that is going on between the ON and OFF whale addresses. The top 10 non-exchange whale addresses are increasing in size while the holdings with the top 10 exchange whale addresses are falling.

On-chain data provider Santiment commented:

“Ethereum is seeing its top 10 largest non-exchange addresses continue to grow larger, while the top 10 largest exchange addresses shrink. There is a record 5.16x the amount of $ETH on top 10 non-exchange vs. exchange whale addresses now, a great sign.”

Courtesy: Santiment

Raoul Pal, former Goldman Sachs hedge fund manager, and crypto evangelist is extremely bullish for Ethereum as he predicts a 300% price rally for ETH by the end of this year.

Pal declared:

“I don’t expect perfection but with all the other analysis I have done, something like a 100% to 300% rally is highly probable into year-end. Nothing is a cert. After that, it’s a tougher call but I think it possibly elongates and sees significantly higher prices.”
Currently, ETH is being traded at $4,235, lower by 2.84%, which also made its market cap fall below $500 billion. While its price may continue to experience a correction, several analysts are predicting the coin will be able to keep strong support at $4,000.
Previous articleNext article

Leave a Reply

Your email address will not be published. Required fields are marked *