Ethereum Whales Ready For Next Leg-Up After Buying 56,000 ETH

Following the crypto market crash last week, Ethereum whales look to be gearing up for a recovery as they accumulate ETH. This accumulation trend is very telling of what these large investors expect the market to do next, which could serve as an indication of what's to come.

Timeline of Ethereum

Failed crypto custodian Prime Trust revealed new details about its past financial shortfalls in a filing submitted to bankruptcy courts on Aug. 24. That filing indicates that Prime Trust's investment in the TerraUSD (USTC) stablecoin resulted in millions of dollars of losses for the company.

In a recent development reported by Glassnode, Ethereum has achieved a significant milestone as the Total Value locked in the ETH 2.0 Deposit Contract surged to an all-time high of 28,019,877 ETH. This landmark underscores the growing confidence in Ethereum's transition to a proof-of-stake consensus mechanism.

In a crazy chain of events, Ethereum users were taken aback when nd4.eth sent a significant amount of ether to what's known as a “burn address” on July 26. This effectively reduced that massive count of ETH tokens from circulation in the market, and just like that, gone.

A recent Twitter update from Santiment blockchain analytical platform has revealed a surge on the Ethereum (ETH) network amidst recent price volatility conditions that caused the cryptocurrency to drop to the $1,650 dollar mark. The Ethereum Whale Growth Specifically, Santiment noted that the number of whales holding between 10 and 10,000 ETH has experienced a

A special, Ethereum-native version of popular mobile phone Google Pixel 7a can make the largest smart contracts platform even more decentralized, transparent and censorship resistant. A few devices are still available in an NFT-based preorder campaign, ethOS team representatives say.

After a prolonged period of tranquil price activity near the critical level of $1.8K, there has been a significant and rapid downturn at ETH following a notable rejection. This sudden cascade has caused the price to drop below the 100-day and 200-day moving averages (MAs), indicating a bearish signal for the ETH market.

A Chainalysis report says that the number of Ethereum (ETH) wallets accounts for the majority of crypto participants as of July 2023. While the number of Bitcoin (BTC) wallets grew to 50 million, ETH balance-holding addresses have risen to 79 million.

Ethereum climbed to $1,700 on Thursday following several days of nursing losses and nurturing support at $1,630. The bullish wave traversing the crypto market comes at a time when many investors are counting losses amid the promise of a bull run that currently seems nothing fairytale.

Although the application of the Howey test to staking Ethereum and many other cryptocurrencies can be complex and subject to different legal interpretations, the SEC insists that staking qualifies as an investment contract under the Howey test.

The price of Ethereum could reach $3,000 in the next crypto bull market and perhaps even as high as $10,000, according to a prediction by Google AI, Google Bard. However, there are also some risks that could prevent Ethereum (ETH) from reaching this level.