• Whales appear to believe that ETH will remain above $3,000 in the long run, according to CryptoQuant, and here’s why

  • The CEO of on-chain analytics firm CryptoQuant has taken to Twitter to say that data leads him to believe that crypto whales believe Ethereum will remain above $3,000 in the long term.

    As a result, they have resumed ETH deposits to the Ethereum 2.0 contract.

    Whales resume ETH deposits, hoping for a price increase above $3,000

    According to the CEO Ki Young Ju’s chart, a whopping 95,392 ETH was deposited to the Ethereum 2.0 contract today. That is equivalent to $290,923,659 in fiat currency.

    The ETH 2.0 deposit contract now represents 5.84 percent of the total Ethereum supply.

    According to the CEO of CryptoQuant, whales have resumed staking their ETH. They appear to believe that the second-largest cryptocurrency will remain above the $3,000 mark in the long run.

    Another evidence that $ETH is bullish in the long term.

    It seems whales who staked a lot of $ETH to the ETH 2.0 contract before the price surge, staked a ton of ETH to the contract again.

    These whales seem to think the fair price for $ETH is higher than $3k in the long term. https://t.co/P8I8xnk0wp— Ki Young Ju 주기영 (@ki_young_ju) August 18, 2021

    “These whales appear to believe that the long-term fair price for $ETH is higher than $3k.”

    The total amount of value locked in the Ethereum 2.0 contract as of August 18 is 6,837,922 coins (as per the data provided by Glassnode). This is the same as $20,854,089,377.

    Furthermore, the number of ETH new and non-zero wallets has reached new highs, as has the number of addresses containing 1,000 Ethers or more.

    Wrapped Ethereum contracts hold more Ether than ETH 2.0 contracts.

    The Ethereum 2.0 staking contract has become the largest Ethereum holder at the moment, according to Santiment data aggregator.

    According to the tweet, it also contains more ETH than WETH (Wrapped Ethereum).

    At the time of writing, the second largest cryptocurrency is just above the $3,000 mark. The launch of the London hard fork on this blockchain earlier this month sent ETH above $3,000 and up to the $3,000 zone, as the community was encouraged by yet another step towards the full implementation of the Ethereum 2.0 upgrade.

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