{"id":511755,"date":"2022-12-09T02:29:05","date_gmt":"2022-12-09T07:29:05","guid":{"rendered":"https:\/\/wncen.com\/?p=511755"},"modified":"2022-12-09T06:47:39","modified_gmt":"2022-12-09T11:47:39","slug":"ethereum-addresses-holding-32-eth-or-more-on-the-rise-this-on-chain-data-shows","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-addresses-holding-32-eth-or-more-on-the-rise-this-on-chain-data-shows\/","title":{"rendered":"Ethereum Addresses Holding 32 ETH Or More On The Rise, This On-Chain Data Shows"},"content":{"rendered":"<p>As the bear market continues, Ethereum &#8211; the second-biggest cryptocurrency &#8211; continues to struggle. If you look at the<a href=\"https:\/\/www.coingecko.com\/en\/coins\/ethereum\" target=\"_blank\" rel=\"noopener nofollow\"> data<\/a> from CoinGecko, <span style=\"font-weight: 400\">the most notable positive change is 4.1% on the bi-weekly timescale.<\/span><\/p>\n<p>The red flashing of the longer time scales, however, indicates that ETH has been declining in value since the <a href=\"https:\/\/www.msn.com\/en-us\/money\/markets\/ftx-collapse-not-sure-creditors-get-their-money-back-says-moodys\/ar-AA150JKS\" target=\"_blank\" rel=\"noopener nofollow\">FTX collapse<\/a>, and this fact overshadows the shorter time scales.<\/p>\n<ul>\n<li>The upswing was triggered by a sudden increase in demand for prime real estate<\/li>\n<li>The descending triangle, a confirmation of a rally, is formed in part by accumulation blocks<\/li>\n<li>To push prices higher, ETH buyers need to break over the $1,306.66 barrier<\/li>\n<\/ul>\n<p>However, a number of indicators are suddenly showing optimistic signs. With the price of ether at $1,283 right now, recent headlines have reported a sharp increase in the number of holders with certain units of ether.<\/p>\n<p><span style=\"font-size: 11.0pt\"><a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&amp;category=Addresses&amp;m=addresses.Min32Count&amp;s=1442163665&amp;u=1670371200&amp;zoom=\" target=\"_blank\" rel=\"noopener nofollow\">Glassnode<\/a> discovered a surge in the number of addresses holding 32 ETH or more, or nearly $42,000, despite the fact that the price of Ethereum (ETH) has been dropping and has been volatile.<\/span><\/p>\n<p>The chart indicating the number of active addresses that had been tallied showed that there were more than <a href=\"https:\/\/ambcrypto.com\/ethereum-sees-increase-in-this-set-of-holders-should-you-anticipate-a-rally\/?fbclid=IwAR3xYaUkuPfqwpUmt6gfDd5azHKzxcooRpfkbMBcviM4PeQhpDXObH4-NCk\" target=\"_blank\" rel=\"noopener nofollow\">127,000<\/a> of them. In addition, it was quite evident that the number of addresses at this time had not only been up but had reached an all-time peak in the previous few years.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/up-or-down-what-to-expect-from-solana-sol-in-the-homestretch-of-2022\/\" target=\"_blank\" rel=\"noopener \">Up Or Down? What To Expect From Solana (SOL) In The Homestretch Of 2022<\/a><\/div>\n<div><\/div>\n<div><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-511818 size-jnews-750x375\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/C1-14.png?resize=727%2C375\" alt=\"\" width=\"727\" height=\"375\"><\/div>\n<h2>Possibly Creating A Rally?<\/h2>\n<p>Contrary to the rise, CryptoQuant <a href=\"https:\/\/cryptoquant.com\/asset\/eth\/chart\/addresses\/active-addresses?window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line\" target=\"_blank\" rel=\"noopener nofollow\">reports<\/a> that the number of active addresses fell on December 7th. Another bullish indicator is the sharp drop in foreign exchange reserves that has coincided with the rise in the number of high-value addresses.<\/p>\n<p>ETH created two bullish order blocks before the increase in high-value addresses. The price of ETH increased by 14.33% and 12.94% during the first and second bullish blocks, respectively.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-511821 size-jnews-750x375\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/c2.png?resize=750%2C375\" alt=\"\" width=\"750\" height=\"375\"><\/p>\n<pre style=\"text-align: center\">Chart: CryptoQuant<\/pre>\n<p>The increase of high-value addresses has not yet been reflected in the price, as the price has decreased throughout this time period. Recent market moves have also contributed to the creation of a bullish descending triangle.<\/p>\n<p>The regression channel, which has a Pearson&#8217;s R value of 0.6824, bolsters this bullish finding. This indicates that the upward breaks of the upper half of the regression channel correspond to a significant upward trend.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-511825 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/c3.png?resize=460%2C299\" alt=\"\" width=\"460\" height=\"299\"><\/p>\n<pre style=\"text-align: center\">Chart: TradingView<\/pre>\n<h2>Quite Surprisingly Bullish<\/h2>\n<p>The moving average of the Bollinger band acts as resistance at $1,252.15, thereby prolonging this surge. With the RSI rising and the MFI turning bullish, though, the ETH price should explode.<\/p>\n<p>Consequently, ETH bulls should initially aim for $1,306. If momentum permits, a further target of $1,348 would indicate that this is the relief rally that ETH holders have been anticipating.<\/p>\n<p>The construction of bullish order blocks, the decline in exchange reserves, and the increase of high-value addresses led to the current state of affairs. With Bitcoin&#8217;s bullish trend, the future of Ethereum appears to be very bright.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/solana-price-falls-below-14-does-this-signal-a-gloomy-week-for-sol\/\" target=\"_blank\" rel=\"noopener \">Solana Price Falls Below $14 \u2013 Does This Signal A Gloomy Week For SOL?<\/a><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/Sib6OLPJ\/\" width=\"2047\" height=\"979\"><\/p>\n<pre style=\"text-align: center\">ETH total market cap at $156.7 billion on the daily chart | Featured image - The Block, Chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>As the bear market continues, Ethereum &#8211; the second-biggest cryptocurrency &#8211; continues to struggle. If you look at the data from CoinGecko, the most notable positive change is 4.1% on the bi-weekly timescale. The red flashing of the longer time scales, however, indicates that ETH has been declining in value since the FTX collapse, and this fact overshadows the shorter time scales. The upswing was triggered by a sudden increase in demand for prime real estate The descending triangle, a confirmation of a rally, is formed in part by accumulation blocks To push prices higher, ETH buyers need to break over the $1,306.66 barrier However, a number of indicators are suddenly showing optimistic signs. With the price of ether at $1,283 right now, recent headlines have reported a sharp increase in the number of holders with certain units of ether. Glassnode discovered a surge in the number of addresses holding 32 ETH or more, or nearly $42,000, despite the fact that the price of Ethereum (ETH) has been dropping and has been volatile. The chart indicating the number of active addresses that had been tallied showed that there were more than 127,000 of them. In addition, it was quite evident that the number of addresses at this time had not only been up but had reached an all-time peak in the previous few years. Related Reading: Up Or Down? What To Expect From Solana (SOL) In The Homestretch Of 2022 Possibly Creating A Rally? Contrary to the rise, CryptoQuant reports that the number of active addresses fell on December 7th. Another bullish indicator is the sharp drop in foreign exchange reserves that has coincided with the rise in the number of high-value addresses. ETH created two bullish order blocks before the increase in high-value addresses. The price of ETH increased by 14.33% and 12.94% during the first and second bullish blocks, respectively. Chart: CryptoQuant The increase of high-value addresses has not yet been reflected in the price, as the price has decreased throughout this time period. Recent market moves have also contributed to the creation of a bullish descending triangle. The regression channel, which has a Pearson&#8217;s R value of 0.6824, bolsters this bullish finding. This indicates that the upward breaks of the upper half of the regression channel correspond to a significant upward trend. Chart: TradingView Quite Surprisingly Bullish The moving average of the Bollinger band acts as resistance at $1,252.15, thereby prolonging this surge. With the RSI rising and the MFI turning bullish, though, the ETH price should explode. Consequently, ETH bulls should initially aim for $1,306. If momentum permits, a further target of $1,348 would indicate that this is the relief rally that ETH holders have been anticipating. The construction of bullish order blocks, the decline in exchange reserves, and the increase of high-value addresses led to the current state of affairs. With Bitcoin&#8217;s bullish trend, the future of Ethereum appears to be very bright. Related Reading: Solana Price Falls Below $14 \u2013 Does This Signal A Gloomy Week For SOL? ETH total market cap at $156.7 billion on the daily chart | Featured image &#8211; The Block, Chart: TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":511773,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,14690,8323,1946,4078],"class_list":["post-511755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-crypto-news","tag-eth","tag-ethereum","tag-technical-analysis"],"acf":[],"yoast_head":"\n<title>Ethereum Addresses With 32 ETH Or More Rising: On-Chain Data<\/title>\n<meta name=\"description\" content=\"Ethereum (ETH) has been declining in value since the FTX collapse, and this fact overshadows the shorter time scales on the charts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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