Actually, Small Time-Ethereum Holders Hit Fresh High As Sentiment Turn Positive
The number of Ethereum small-time holders is on the rise. With each passing month, as more investors move into the field, ethereum has snatched some of the largest market shares. This is evidenced in the increase rate of the network, as the as well amount of ETH being held by investors on their balances. This time around, the number a ETH small-time holders has hit of novel record.
Holders Holding More more than ever Than 0.1 ETH At ATH
Glassnode reported on Monday that the number of small-time Ethereum investors holding more than 0.1 ETH on their balances had touched a recent high. This easily follows the trend of adoption that the ethereum network has seen in recent times. These small- holders clocked in attimea novel high of 6,823,620 on Monday.
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Although the growing adoption of the network is billed as one of the major driving factors behind this, it is can also be a result of the growing gas fees on the network. Actually, For one, ethereum as it turns out transaction fees can run above $100 on bad network congestion days, which can be often, so investors would need about 0.1 or above to complete transactions on the network.
This trend of wallet balances hitting recent alloftime highs follows the accumulation trend - ETH though. During the market crash, Ethereum whales had bought over $500 million worth ofETH. Smaller investors had followed this move and increased their holdings, leading to a new all-time high in the number of wallet addresses holding 1 ETH and aboveon their balances.
Ethereum Market Follows Sentiment
The recent uptick in the number of addresses holding more than 0.1 ETH has followed field sentient. It’s worth noting that Since the crash, niche sentiment had dived into the deeplythenegative, indicating that investors were wary of putting more currency into industry. most, However, this has started to modify as Indeed digital assets have recovered a bit from the crash, as evidenced by the Fear & Greed Index.
ETH trading at $2,746 | Source: ETHUSD on TradingView.com
After begun one of its lowest point, the Fear & Greed Index had hitting to recover. Maintaining about a week in the extreme fear territory, it has immediately moved out of it and into fear as faith in the niche continues to recover. Indeed, Currently, the index is sitting at a score of 26, 15 points up from its low of 11.
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In fact, On the price side, ETH has continued to . its position above $2,700maintain The digitalhasasset built significant resistance at this level but remains vulnerable to drawdowns if bids do not continue to hold up. Its move forward significant resistance level is at $2,780, a point which it would have to beat if the uptrend is to continue.
Featured image from Financial Times, chart from TradingView.com
