- The whales had accumulated a total of 734,800 tokens.
- Ethereum’s development team has urged the cryptocurrency community to help.
When it comes to Ethereum’s “merge” or transition from “proof of work to proof of stake,” developers have urged the community to help them out as they draw closer. The price of Ethereum has never been this close to its all-time high, and it is waiting for a trigger to enter a price tally.
Moreover, two weeks have passed since Ethereum whales began hoarding the coin. During this period, there was a shortage of Ethereum tokens, and the whales had accumulated a total of 734,800 tokens.
Within 12 days, whales have accumulated 0.59 percent of the entire ETH supply. $4.9 billion worth of Ethereum has been burned after the London hard fork adopted EIP-1559. An increase in Ethereum’s circulating supply due to burns and purchases by whale wallets has created a straightforward narrative about the cryptocurrency.
The Triple Halving
Ethereum’s development team has urged the cryptocurrency community to help with the move to a “proof-of-stake” consensus mechanism. A positive breakthrough in the price of Ethereum, according to Ethereum proponents, would be similar to three halvings of the Bitcoin value. The “Triple Halving” milestone in Ethereum’s price trajectory is on its due course.
According to cryptocurrency specialist @BigCheds, the only thing keeping Ethereum’s price from hitting its bullish target of $10,000 is an unresolved negative divergence on high time frames.
$ETH #Ethereum the only thing keeping me from being a full on bull and calling for 10k like many others is the unresolved bearish divergence on high time frames with OBV or on balance volume
— Cheds (@BigCheds) December 1, 2021
(Weekly chart attached) pic.twitter.com/iwOqZbWAq6
According to CoinMarketCap, the Ethereum price today is $4,585.42 USD with a 24-hour trading volume of $26,093,647,809 USD. Ethereum has been down 3.15% in the last 24 hours. Moreover, It has a circulating supply of 118,574,805 ETH coins.
