Ethereum (ETH) has fallen brutally over the past two weeks, trading below the $1800 mark. However, due to a successful merge on the Ropsten testnet, favorable on-chain statistics, increased whale holdings and other positive variables, the price may stabilize at current levels.
On June 8, the Ethereum team successfully completed the merge on the Ropsten testnet without any problems or challenges.
According to Glassnode data, the ETH stake is valued at over $22.78 billion, and is gearing up for the upcoming main-net merge to Proof-of-Stake (PoS). This is 12.8 million ETH or 10.78 percent of the total supply.
Whale signal S. towardsStability
Furthermore, despite the drop in Ethereum price, the top 10 Ethereum whales hold more ETH than the top 10 crypto exchange addresses, according to on-chain platform Sentient. This shows that Whale believes that the price of Ethereum will remain stable at current levels.
After receiving 54% support, the ApeCoin community has agreed to keep ApeCoin (APE) within the Ethereum ecosystem.
Market maker, Wintermute, is also planning to build a Bebop decentralized exchange (DEX) on Ethereum.
As a result, as the number of projects supporting the blockchain grows, so does the potential for price increases.
bull vs bear
This week, the price of Ethereum surged above $1,800, giving traders hope that the coin may finally break the $2k barrier before the end of the week. Whether the bears or the bulls take control of the Ethereum coin will determine whether it can move beyond the $2k range.
If the price continues to rise, Ethereum will face resistance at $2,200 or $2,400. This means that Ethereum could break the $2k barrier and reach $2.5k before the end of the week.
If the bears gain control, it could be possible for Ethereum to break the $1,700 support and reach the $1,300 level.
