- Number of Ethereum addresses holding 0.01+ ETH hits new high of 15.71 million
- This indicates a growth of the Ethereum ecosystem through the use of ETH or holding as an investment
- Ethereum investors continue to lock their funds in ETH2.0 contract which now has 5.179 million ETH
- Ethereum’s $ 2,000 is the level to watch during weekly and monthly shutdowns
The number of Ethereum addresses holding 0.01 ETH or more has reached an all-time high of 15,710,361. This milestone has been observed and shared by the team at Glassnode via the tweet below.
Show metric: https://t.co/XXb0u19ouH pic.twitter.com/DYF4q9EM1d
– alertes glassnode (@glassnodealerts) May 29, 2021
Such a large number of addresses with more than 0.01 ETH points to use and / or keep
Such a large number of Ethereum addresses containing 0.01 ETH or more indicates two things. First, the Ethereum ecosystem is growing with more and more users joining the network to use the various DeFi platforms or using ETH to pay for gas in other ERC20 token transactions. Second, it could also mean more retail investors are buying and holding Ethereum for the long term.
5.179M Ethereum stuck in ETH2.0 deposit contract
Ethereum investors playing the long game are best exemplified by those who lock their ETH into the Ethereum 2.0 contract. At the time of writing this article, 5,179,010 ETH worth $ 12.243 billion are currently stuck in the Ethereum 2.0 deposit agreement. This amount continues to increase day by day as investors and Ethereum users continue to show their support for the upgrade.
Ethereum’s $ 2,000 support is the level to watch
In terms of price action, Ethereum is currently trading above the 100 day moving average (yellow) as shown in the chart below. This moving average provides adequate support for Ethereum at the current levels of $ 2300.
Also from the chart, it can be seen that Ethereum is also trading above the 200 day moving average (green).
Ethereum maintaining a value above this MA will be crucial in determining whether ETH resumes its bullish trajectory in June.
It’s also worth mentioning that Ethereum’s weekly close is in a few hours and its monthly close is Monday, May 31st. The latter date is also Memorial Day in the United States. As a result, the overall crypto trading volume is likely to be low as retail and institutional investors in the US take some time out for the three-day weekend.
A drop in trade volume increases the likelihood of Ethereum testing the psychological support of $ 2,000 again by Monday. If that price point fails, Ethereum will have to depend on last week’s lows of $ 1,880 and $ 1,724 as the next line of defense. If those levels fail, Ethereum has the 200-day moving average in the $ 1,600 price zone as its last hope.