After moving past $1900 levels last Saturday, Ethereum (ETH failed to break past its all-time high above $2000 and has retraced back. At press time, ETH is trading at a price of $1781 with a market cap of $204 billion. As the ETH price continues to flirt around $1800 levels, Grayscale has again started accumulating ETH after a short hiatus.
On Tuesday, March 16, the Grayscale Ethereum Trust (ETHE) purchased an additional 10,000 ETH coins taking its total holding to 3.17 million, as per data on Bybit. Last month, the Grayscale Ethereum Trust (ETHE) was on a massive buying spree as it purchased nearly 240K ETH coins in a single month.
As per the recent update by Grayscale, the total assets under management across its suite of product offerings is $42.9 billion. The Grayscale Ethereum Trust (ETHE) has a 13% share of this with $5.6 billion in net assets under management.
On-Chain Metrics Show Maor Improvement in Ethereum Fundamentals
As ETH continues with its price consolidation around $1800, its fundamentals continue to improve at another end. The Etheruem supply at the exchanges has been constantly dropping with the rising whale accumulation.
Ethereum whale addresses with 10,000+ ETH coins touched an all-time high of four weeks back. The latest Santiment report states that the ETH whales are refusing to budge. While there’s less than 1% in ETH whale addresses, the retail player addresses holding 100-10,000 ETH coins have dropped by 7.2%. Thus, the retail players are losing their major supplies to the big fishes.
On the other hand, the Ethereum addresses activity continues to make new highs. This high ETH network address activity would imply that the price could surge back to $2000 levels once again. Also, the total number of ETH coins in ETH 2.0 Deposit Contract has also surged past a record high of 3.5 million.
Many analysts have expected a solid bull run ahead this year for Ethereum. Some analysts are also predicting that ETH price in 2021 can cross past $10K levels.
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