Current Movement
Ethereum just crossed the $2000 mark, though it didn’t sustain there and later had a drop of 30%, it went down to $1300 but quickly rose back to $1700 in a single day. Currently, it is valued at $1790.
Balance on Exchange
The above chart shows that over time balance on exchange is decreasing which indicates people are HODLing ETH and as a result price of ETH is increasing steadily. The recent dump was short-lived as HODLesrs didn’t sell their ETH but people who were FOMO-ed in or FUDed to sell their Eth.
Small Buyers
As we can see that over 400k addresses with a balance of less than $100 are dissolved in a span of 3 days. This results in quick selling by small scale retailers. Ethereum sees a price dip, but gradually price has increased as HODLers didn’t sell off their ETHs. Moreover, their action converted the price drop to a swift correction. Small-time buyers are also back in the Bull Run.
Conclusion:
Ethereum has just gone through a swift correction and has created multiple supports along the way.
HODlers are still bullish for its value and bears couldn’t achieve to make a long run, this indicates that in the coming week’s Eth will reach a new high and also increase its network strength.
