ETH: SmartWhale accumulates large amount (2023.03.28)

[MrSpasybo]

I - Onchain data from 52Hz Onchain (in Vietnamese)
I translated the 52Hz Onchain's post from Vietnamese to English, with refinements and explanations of crypto market slangs. I will present text + images so we can view, quote and discuss more easily. I think this is better than sending a simple link.

SmartWhale withdrew 2,388 ETH ($8.5M) from Binance ^[1].

Before that, SmartWhale transferred 19M USDT to Binance, perhaps a part of USDT was used to buy ETH when ETH price adjusted yesterday.

In the past, this address has started to accumulate a lot of ETH in the $1.9K-$2.2K price range, which is also the price range where Wall Street whales started buying OTC on Coinbase Prime.

With this continuous accumulation, SmartWhale is holding up to 20,548 ETH ($73M), and is currently continuing to accumulate more, showing that they are quite bullish on ETH.

After the successful Dencun Upgrade, the Rumor ETH ETF will be the catalyst that helps ETH grow strongly in the near future.

II - Technical analysis (Weekly chart)

Both the RSX and MACD indicators confirm the upward trend of ETH price, there is no signal of a reversal from increase to decrease yet. At the same time, after DenCun, the positivity from BTC Halving and ETH Spot ETFs is strongly supporting market sentiment, which could prompt ETH price to soon create a new ATH right after halving.

[1] Money Flow

[yhiaali3]

In comparison with previous price cycles, Ethereum often creates a new ATH after halving Bitcoin, and with the approval of ETH Spot ETFs, if it happens, we will have a price cycle different from all previous cycles, as happened to Bitcoin.

Although I am focusing more on Ethereum upgrades to solve the problems in the network, especially the high fees, I hope that we will see this scenario come true soon and a new Ethereum ATH will be achieved.

[jeraldskie11]

Although I am focusing more on Ethereum upgrades to solve the problems in the network, especially the high fees, I hope that we will see this scenario come true soon and a new Ethereum ATH will be achieved.

That's what I'm looking for in Ethereum, that is to solve their issue with their gas fee. Imagine, even though Ethereum has a very high fee now, but the number of people investing in it is still increasing. Investors see the price of Eth will go higher soon. How much more if they can solve the problem of their gas fee, surely the price will explode and that's what most people expect.

[yhiaali3]

That's what I'm looking for in Ethereum, that is to solve their issue with their gas fee. Imagine, even though Ethereum has a very high fee now, but the number of people investing in it is still increasing. Investors see the price of Eth will go higher soon. How much more if they can solve the problem of their gas fee, surely the price will explode and that's what most people expect.

Yes, that's right, everyone is looking for a reduction in Ethereum fees because it is still a big problem despite all the upgrades that the network has received.

Everyone is interested in the Ethereum network because most of the big tokens, important projects, DeFi and DAPP applications are all on the Ethereum network, so most people are looking for important investments there and everyone wants to lower the fees so they can work more freely.

Of course, if this problem is solved, the movement will increase very significantly on Ethereum, and it is certain that we will witness a price explosion.

[MrSpasybo]

Yes, that's right, everyone is looking for a reduction in Ethereum fees because it is still a big problem despite all the upgrades that the network has received.

Everyone is interested in the Ethereum network because most of the big tokens, important projects, DeFi and DAPP applications are all on the Ethereum network, so most people are looking for important investments there and everyone wants to lower the fees so they can work more freely.

Of course, if this problem is solved, the movement will increase very significantly on Ethereum, and it is certain that we will witness a price explosion.

We just had DenCun, which is an update for Layer-2 on Ethereum. Sharding has been canceled and the ETH Foundation is focusing on Layer-2, which means we will not see a quick upgrade of Layer-1 with higher speed and lower fees.

However, large organizations and whales are still using Ethereum, transaction fees are not a problem for them if they move millions of dollars. Security, safety, and decentralization are what they really care about. This will ensure the potential price increase of ETH even if the gas transaction fee does not decrease during this cycle