- At the time of writing, ETH is trading at $2242, down 0.53% in the last 24 hours.
- If the price manages to go past $2270 level then it will likely retest $2311.
Whales now possess a larger share of Ether than a year ago, according to IntoTheBlock. Recent reports suggested a significant growth in the holdings of Ethereum whales. An increase from 32% in January to about 35% was shown by the figures.
There has been a noticeable rising tendency over the last several months. And the proportion of whale ownership has increased from 34% in August to above 38% recently.
Inflows into digital asset investment products reached $1.7 billion over nine straight weeks, the greatest spike since late 2021. With a total of $1.6 billion so far this year, Bitcoin garnered over $1 billion in monthly inflows in November. Ethereum too had $126 million in inflows, indicating a major shift in sentiment.
Lido Finance, the market leader in Ether liquid staking protocols, had a nearly 7% increase in its total value locked (TVL) over the previous week. This was likely caused by a spike in staking deposits on the protocol and an increase in the prices of ETH and MATIC. DefiLlama statistics indicated that Lido’s TVL increased by 25% in the past month, reaching roughly $21.32 billion.
Minor Correction Underway
At the time of writing, ETH is trading at $2242, down 0.53% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 33.86%. The price recently reached $2311 level where it faced severe selling pressure by bears. This was followed with a minor correction.
If the price manages to go past $2270 level then it will likely retest $2311 resistance level. However, if the bears drive the price below $2228 then it will likely test $2194 support level.
