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Ethereum bull

Ethereum Rises To 9-Month High, Here’s What’s Driving The Price

Best Owie
by Best Owie
2 years ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum (ETH) has beat the resistance at $1,900 for the first time in over nine months, prompting a bullish trend for the digital asset. This was a hard-won level as ETH was struggling under $1,900 for the last week. This recovery has no doubt been a welcome development for investors but what’s driving the price?

Ethereum Sharks Are Driving The Price

According to Santiment, Ethereum shark addresses may have been behind the recent rally. In a report posted to Twitter, Santiment reveals that these accounts holding between 100-10,000 coins have been accumulating ETH at an accelerated rate over the last nine months.

Related Reading: Elon Musk Triggers Meme Coin Rally, Here Are The Tokens Following Dogecoin

In total, these shark addresses added 2.27 million coins to their holdings which worked out to $4.2 billion. This accumulation pushed their holdings to a new one-year high as they picked up around 1.4% of the total ETH supply.

🦈📈 #Ethereum jumped back over $1,870 today for the first time since August 17, 2022. This near 8-month high comes as sharks have been accumulating steadily since last summer. Addresses holding 100-10k $ETH have accumulated $4.24B in the past 9 months. https://t.co/leyQqlbvED pic.twitter.com/b5YazPfSO5

— Santiment (@santimentfeed) April 4, 2023

Such an accumulation trend can have bullish implications for any digital asset and this could’ve been the case for ETH. As their holdings crossed a new one-year high, the price of ETH was able to break above $1,900, which was a new nine-month high for the cryptocurrency, and it has been holding steady above this level ever since.

What Else Could Be Behind The ETH Increase?

Besides the sharks accumulating ETH, another reason for the increase could be the anticipation of the upcoming Shapella upgrade. With this upgrade, stakers on the Ethereum network will be able to withdraw their staked ETH, something that has been impossible to do since the Beacon Chain was launched.

Ethereum (ETH) price chart from TradingView.com

ETH rises to new 9-month high | Source: ETHUSD on TradingView.com

However, the upgrade could very well be a “buy the rumor, sell the news” event for one simple reason; more ETH coming back into circulation. Realistically, when stakers are able to withdraw their ETH, it is expected that some of these ETH will find their way to exchanges as they try to take profits. But since the ETH price is significantly down from its all-time high, it is likely that a good number will leave their ETH staked as they wait for better prices.

Related Reading: Arbitrum Trading Volume Balloons Over 75% As ARB Price Defies FUD

The coins that make it to exchanges though will provide sell pressure for the asset, which will likely lead to a decrease in price, as well as investors securing profits from their assets. A good example is the Cardano Alonzo upgrade which saw the price of ADA rally to new all-time highs ahead of the upgrade and then drops significantly after the upgrade was completed.

Nevertheless, ETH is still seeing good upside at the time of this writing, changing hands at a price of $1,910.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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