A wallet reportedly connected to the Ethereum Foundation liquidated $13.3 millions in ETH. The move raised eyebrows, and sparked discussions about a potential price drop.
It is important to note that the word “you” means “you”. Ethereum Foundation‘s decision to liquidate $13 million worth of Ethereum (ETHInvestors are now pondering the potential impact of this transaction on the value of the second largest cryptocurrency in the world by market capitalization.
In the past, foundation actions were considered a sign of upcoming market changes, and triggered concerns about an eventual decline. Ethereum still displays bullish signs as seen on the charts today.
The Ethereum chart shows a positive outlook with a strong upward trend, characterized by highs and lowers that are consistently higher. Ethereum is currently trading at 3,550 dollars, a 14.6% gain in the last week. According to CoinGecko, Ethereum commands a $420 billion market cap and has a crypto market share of 17.8%.
While market pullbacks in an upward trend are normal, they cause investor anticipation as the markets await its next move. The Relative Strength (RSI), which measures the weekly price of Ethereum, is currently at 89.95. This index is approaching overbought territory, suggesting a correction.
Bitcoin (Bitcoin) has a broader market context.BTCIn the past week, BTC (Bitcoin) has risen over 28 percent and is close to reaching its highest level of $69,000 for November 2021. BTC was trading around $67,000 at the time this article was written.
In the meantime, the Ethereum network prepares to activate the Dencun Update, which combines the Cancun and Deneb update. Scheduled to be released on Mar. This enhancement is scheduled to be released on March 13th. It will reduce layer-2 transactions fees by a significant amount while improving Ethereum’s scalability.
On February 27, the Ethereum Foundation announced It had been successfully activated upgrade Test networks
Ethereum has experienced a surge in the last month. substantial growthSantiment’s metric tracking funded Ether wallets revealed a surge, with the total ETH holders reaching 115.5 million addresses. Santiment’s metric track funded Ether wallets revealed a boom, with total ETH addresses reaching 115.5 millions.
BTC saw a decline in wallet addresses of 70,000 during the same period. This highlights Ethereum’s dominance on the market.
Ethereum is well positioned to reach $4,000 in March 2020, thanks to the growing demand of new ETH address and a $2.3bn decrease in exchange stock.
Spot Ethereum Exchange Traded Funds
Ethereum is on a positive trajectory and multiple issuers are embracing it. seeking Approval for spot Ethereum ETFs mirrors the success of BTC spot products. The SEC’s delays and comments from commissioners hint at the challenges ahead.
A meeting scheduled for later this month between the U.S. Securities and Exchange Commission and the applicants of spot Ethereum ETFs will determine the fates of Ether-based investments vehicles. The decisions on the products will be made by postponed VanEck is the first to file, and it will not be until the end of May. SEC approval or rejection on May 23 will impact other issuers including BlackRock. Franklin Templeton. Grayscale. and Invesco.
It is important to note that the word “you” means “you”. approval After years of rejection, the launch of spot Bitcoin ETFs was a significant step forward. This decision was influenced by a Grayscale lawsuit A lawsuit against the SEC was seen by many as a turning-point in legitimizing cryptocurrency adoption and investment within the United States.
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Source: crypto.news