The $2,000 price mark appears to constitute a major psychological roadblock for Ethereum investors. With ETH trending precariously below $1,900 for the past week, on-chain data reveals how traders’ recent decline in whale transactions and flatlined exchange balances could exacerbate Ethereum price stagnation. 

On-chain data reveals that Ethereum whales have been shying away from making large bets in recent weeks. Likewise, the flatlined supply of coins on exchanges suggests that investors could be looking to pounce on short-term profits.

Ethereum Whales Await Market Direction

According to Santiment, ETH transactions worth $100,000 and above have declined considerably as the upcoming Shapella network upgrade draws near. The chart below shows how the ETH Whale transaction count has decreased progressively in the past month. Compared to the 14,655 transactions recorded on March 11, it has declined 84% to a lowly 2,346 at the close of April 9.

The activity of Whales is often seen as a prime indicator of market sentiment. If they are making fewer transactions, it could signal low confidence in the short-term price prospects of the underlying coin. As such, sharks and other retail investors may also become less interested. 

Another critical factor that confirms the gloomy short-term outlook for Ethereum is the flattening supply of ETH on exchanges.

As E

Go to Source to See Full Article
Author: Ibrahim Ajibade

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details