BTC $41730.05 (-4.9%)
ETH $2898.83 (-6.8%)
USDT $1.00 (-0.0%)
BCH $487.62 (-3.6%)
BSV $128.35 (-1.3%)
LTC $145.63 (-4.6%)
BNB $336.86 (-3.8%)
ADA $2.11 (-5.0%)
DOGE $0.19 (-3.1%)
BTC $41730.05 (-4.9%)
ETH $2898.83 (-6.8%)
USDT $1.00 (-0.0%)
BCH $487.62 (-3.6%)
BSV $128.35 (-1.3%)
LTC $145.63 (-4.6%)
BNB $336.86 (-3.8%)
ADA $2.11 (-5.0%)
DOGE $0.19 (-3.1%)

Ethereum Whales Defend $1K Position by Holding 10K ETH

Ethereum Whales Defend $1K Position by Holding 10K ETH
  • The number of Ethereum whales have increased in the last two weeks
  • According to Santiment, this may be the reason why ETH is holding on to the $1K level despite recent market volatility.
  • At the time of writing, ETH is trading at $1,121.02.

According to on-chain data provider Santiment, the number of Ethereum whales have increased in the last two weeks. Additionally, they appear to be aggressively defending the $1,000 level despite recent market volatility.

As mentioned in the tweet, the number of Ethereum whales have increased from 1,171 addresses to 1,220.

Apparently, Ethereum’s price is holding despite a recent cryptocurrency market correction that eroded over $150 billion a day. At the time of writing, the ETH price is at $1,121.02, according to CoinGecko.

In support of the above, whales on the ETH long positions continue to overtake the shorts. Meanwhile, the ETH contract funding rates on BitMex exchange show a bullish.

Again, Santiment specifically emphasized the significance of long and short ratios affecting crypto price.

Santiment noted,

BTC and ETH indicate that longs are still paying shorts by a wide margin. When short investments begin to catch up, or longs die down, this will be the market fear that the savvy bulls are waiting for.

Looking at this, prospects have begun welcoming Ethereum while many other crypto insiders gave a bullish prediction for ETH before 2021 ends.

In popular crypto terms, a whale refers to a person who holds massive amounts of a specific asset.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.