The top two addresses with the highest Ethereum ETH balances on Etherscan are the ETH2 staking contract with over 7 million ETH and wrapped Ether with 6.7 million ETH. The surge in staked Ethereum ETH is driving altcoin's dominance...
The top two addresses with the highest Ethereum ETH balances on Etherscan are the ETH2 staking contract with over 7 million ETH and wrapped Ether with 6.7 million ETH. The surge in staked Ethereum ETH is driving altcoin's dominance in the crypto market higher.
Currently, Ethereum's price is trading at $3269, and its dominance is at 17.9%. A direct correlation has emerged between Ethereum's price and dominance. With the price increase, the altcoin's dominance has increased consistently over the last five months.
Alongside Ethereum, the volume of wrapped Ethereum used to pay for gas fees for contracts executed on the network has noted a steady rise. wrapped Ether now accounts for nearly 6.7 million Ether, supporting the increase in the second-largest cryptocurrency's market dominance.
One of the key indicators of a bull run, the movement of dormant ETH, was recorded earlier today by Santiment data. Ethereum's mean Dollar invested age curve represents the average age of the Ethereum ETH moving on the blockchain network, and it has significantly flattened.
The movement of Ethereum price that was held for a long time indicates the second leg of the altcoin's price rally.
Independent Ethereum analyst and author of "Ethereum, The Triple Halving," Nikhil Shamapant, remains bullish on the altcoin. In a recent interview with Divya Narendra, CEO, and co-founder of SumZero, Nikhil Shamapant set a new price target for Ethereum at a price of $150,000.
Shamapant explains how Ethereum staked in the ETH2 contract reduces the total number of ETH in circulation and drives the price higher through an enforced shortage.
One thing I've been really trying to pound the table on is that staked ETH it's like economically enforced holding right. It's always going to be staked; there's going to be a circulating supply of staked ETH, separately there's going to be a circulating supply of unstaked ETH. There's no fear or cultural change that's going to cause these hodlers to suddenly sell.
looking at the market capitalization and dominance of Ethereum, there have been four consecutive up weeks. Any close below $2900 would be a bearish development; on the upside, $3587 is the level to watch out for a bullish breakout.
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