The bullish momentum seen in Ethereum over the last seven days has been remarkable. ETH gained momentum over the last 24 hours while other coins have been declining. The rally supports theories that the asset will move above the resistance level over the coming days.
After a devastating fallout, the second-largest cryptocurrency is on track to make a comeback. Along with other macro factors the FTX crisis had a devastating impact on the whole crypto market. Many assets crashed flat. Even though there are many unknowns in the crypto markets, the Ethereum community seems to be finding hope.
Vitalik Buterin is the co-founder of Ethereum. He made a statement asking people to put their focus on the technology, not current prices. Co-founder Vitalik Buterin was certain that Ethereum-based applications to monetary transactions will scale up the blockchain over the long-term.
Ethereum Whales are Buying the Dip
In Buterin’s notes, he expressed a bullish stance that the decentralized stablecoins and the other applications built on Ethereum could have long-term benefits.
Bullish Ethereum holders are taking advantage the dip to increase their Ether positions. Data from SantimentEthereum whales take advantage of low prices to purchase more Ethereum.
Blockchain analytical firm, The Blockchain Analysis Firm, tweeted that the shark address and whale address with 100 to 1 Million ETH added 2.1% to their wallets. This could indicate bullish sentiment and a potential price rally in the weeks ahead.
Ethereum trades at $1280. Many investors had high hopes for the price rise that the upgrade would bring two months ago before Ethereum became proof of stake. Their hopes were dashed two months later when the asset price dropped steadily.
Although the upgrade sought to improve the blockchain’s infrastructure, the co-founder said it could take months to reflect on the ETH price.
Bitcoin remains down while XRP rises amid Whale Accumulations
Although Ethereum appears to be showing a bullish trend, Bitcoin’s price dropped by $0.02% in the last 24 hours. Other coins, such as FTX and XRP, are also not faring well. The report shows that XRP’s price rose in the last 24 hour after whale accounts transferred over 160 million tokens.
A report says that whales accumulated Bitso has sold more than $19,000,000 worth of XRP tokens. In addition, the report revealed that the tracker recorded another whale addition of 40 million XRP, approximately $15.3 million.
A tracker reported that Ripple’s account had moved more than 50,000,000 XRP worth $19.2 Million to an anonymous wallet.
These accumulations saw XRP’s price gain a 2% increase in the last 24 hours and are currently trading at $0.3918. This news comes as the XRP lawsuit is moving towards a summary judgement.
Featured image by Pixabay. Chart by TradingView.com