- The number of Ethereum addresses holding 0.01+ ETH hit an all-time high of 15.71 million.
- This indicates growth in the Ethereum ecosystem through the use of ETH or investment holdings.
- Ethereum investors continue to lock in their ETH2.0 contracts, which currently have 5.179 million ETH.
- Ethereum $2k is a level to watch during the weekly and monthly closes.
The number of Ethereum addresses holding 0.01 ETH or more hit an all-time high of 15,710,361. This milestone was noticed and shared by the team at Glassnode via the tweet below.
📈 #Ethereum $ETH Address Hold 0.01+ Just Reached ATH of 15,710,361
View metrics:https://t.co/XXb0u19ouH pic.twitter.com/DYF4q9EM1d
– glassnode alerts (@glassnodealerts) May 29, 2021
There are many addresses with 0.01+ ETH rating to use and/or hold.
Such a large number of Ethereum addresses holding 0.01 ETH or more indicates two things. First, the Ethereum ecosystem is growing with more users joining the network to use various DeFi platforms or use ETH to pay for gas in transactions. Second, more ERC20 tokens could mean that more retail investors buy and hold Ethereum for the long term.
5.179M Ethereum Locked in ETH2.02.0 Deposit Contract
Long-term gaming Ethereum investors are best illustrated by those who lock their ETH in Ethereum 2.0 contracts. At the time of writing, $5,179,010 ETH worth $12.2243 billion is locked in Ethereum 2.0 contracts. increase every day As Ethereum investors and users continue to show support for the upgrade.
Ethereum’s $2k Support Is A Level To Watch
In terms of price action, Ethereum is trading above its 100-day moving average (yellow), as shown in the chart below. This moving average provides adequate support for Ethereum at its current level of $2,300.
From the chart, Ethereum is trading above the 200-day moving average (green).
Ethereum, which maintains its value above this MA, will be important in determining whether ETH will resume bullishness in June.
It is worth mentioning that Ethereum’s weekly close is hours away. And Ethereum’s monthly close is Monday, May 31st, the latter being Memorial Day in the US. As a result, the overall crypto trading volume is likely to be low due to both retail and institutional investors in the US. Take a free three-day weekend.
The lower trade volume will increase the chances that Ethereum will retest the $2k psychological support between now and Monday. If this price level fails, Ethereum will rely on last week’s lows of $1,880 and $1,724 as its next defense. If these levels fail, Ethereum’s 200-day moving average at $1,600 is its last hope.