The world’s second-largest cryptocurrency Ethereum (ETH) has corrected by nearly 15% since its all-time above $4,800 last week. Although the ETH price comes under pressure, the ETH whales continue to gobble up supplies.
However, there’s an interesting supply war going on between the ON and OFF whale addresses. The top 10 non-exchange whale addresses continue to grow up larger in size while on the other the holdings with the top 10 exchange whale addresses are on a decline. As on-chain data provider Santiment reports:
Ethereum is seeing its top 10 largest non-exchange addresses continue to grow larger, while the top 10 largest exchange addresses shrink. There is a record 5.16x the amount of $ETH on top 10 non-exchange vs. exchange whale addresses now, a great sign
Ethereum (ETH) 300% Price Rally By the Year-End
Former Goldman Sachs hedge fund manager and crypto evangelist Raoul Pal seems ultra-bullish for Ethereum. Raoul Pal is expecting a staggering 300% price rally in the price of ETH over the next six weeks i.e. by the year-end.
I have been showing this spooky chart of ETH now vs BTC in 2017 in various forms. This is my live CIX on Bloomberg…. even nailed this sell off….to the day and price. What happened next? A 300% rally. From tomorrow (ish). 1/ pic.twitter.com/GZiStl4hmG
— Raoul Pal (@RaoulGMI) November 17, 2021
Adding a caveat in his subsequent tweet, Pal notes: “I don’t expect perfection but with all the other analysis I have done, something like a 100% to 300% rally is highly probable into year-end. Nothing is a cert. After that, its a tougher call but I think it possibly elongates and sees significantly higher prices”.
As of press time, Ethereum (ETH) is trading 2.84% down at a price of $4,235 with its market cap slipping just under $500 billion. The ETH price might correct further from the current levels, however, many analysts are expecting it to attain strong support at $4000.
The Ethereum blockchain has recently gone through the important upgrade of London hardfork. The hardfork introduced an ETH burning mechanism to take care of the rising gas fee. This has also contributed to the drop in the ETH supply. In fact, the rate of ETH burning has surged past the rate of ETH production on the Ethereum blockchain thus making ETH a scarce asset.