Ethereum, like other cryptocurrencies, was subjected to a correction after Bitcoin fell to levels below $60 thousand.
The world’s second-largest cryptocurrency has corrected nearly 10% since its price topped a record $4,800 last week.
Even though the price of Ethereum is under pressure, Ethereum whales continue to gobble up supply and supply.
Currently there is an interesting supply war between the addresses of whales getting in and out of their cryptocurrency exchanges.
The top 10 titles for whales continue to grow even larger.
According to report Santiment:
Ethereum is witnessing an increase in the number of Ethereum at the top 10 non-exchange addresses (they do not trade and have not entered their cryptocurrency to exchanges) as it continues to grow even more, while the top 10 exchange addresses (trading their cryptocurrencies on exchanges) are shrinking.
Ethereum price hike by 300% by the end of the year:
Raoul Ball, a former hedge fund manager at Goldman Sachs and an ardent crypto evangelist, appears to be very optimistic about Ethereum.
Raoul Pal expects an astonishing 300% price hike in the price of Ethereum over the next six weeks, i.e. by the end of the year.
I don’t expect perfection but with all the other analyzes I’ve done, something like a 100% to 300% spike is very likely at the end of the year.
It’s a strong rally, I think it’s only a matter of time and we see much higher prices.
At press time, Ethereum (ETH) is trading down 0.77% at $4,250 with its market cap still above $500 billion.
The price of Ethereum may correct more than the current levels, however, many analysts are expecting that it will get strong support at $4,000.
The Ethereum blockchain recently went through a significant upgrade and split called “London.”
The latest upgrade introduced an Ethereum burning mechanism to take care of the rising gas fees.
This has also contributed to the decrease in the supply of Ethereum.
In fact, the rate of burning of Ethereum increased beyond the rate of production of Ethereum, which made Ethereum become a deflationary asset par excellence.
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