1,217,116 USDT worth of ETH bought; decoding what that means for investors
The largest altcoin and the second-largest cryptocurrency, Ethereum climbed up the price chart. It registered a 6% hike over the last 24 hours. At the time of this analysis, ETH stood at the $2,677 mark as per CoinMarketCap.
That said, the flagship coin still had a long way to cover its previous ATH. Even so, the latest developments concerning the ‘Merge‘ kept investors’ sentiment high. Indeed, they were unfazed by ETH’s slow price trajectory.
According to on-chain metrics firm Santiment, ETH active addresses divergence remained in the bullish divergence area despite the decrease in prices. The tweet read,
“ETH’s utility remained steady these past 4 months, despite prices being cut by -35% over this time. With the amount of unique addresses interacting on the $ETH network staying flat, there is a #bullish divergence between DAA and price.”
Notably, the graph below showcased the possibility of a price uptrend.
Source: Santiment
In addition, the number of wallets actively using the network does not appear to be decreasing. According to data from Bitinfocharts, the amount of unique active Ethereum addressesstayed consistently around the 500,000 mark. It did not capitulate to the lows observed during the summer of 2021.
Large Ethereum Hodlers (whales) played a vital part to maintain sanity amidst the geographical chaos. Here’s the latest shopping spree,
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