Bought 1,217,116 USDT worth of ETH; decipher what that means for investors

The largest altcoin and second largest cryptocurrency, Ethereum, climbed the price chart. It registered a 6% walking the past 24 hours. At the time of this analysis, ETH stood at $2,677 according to CoinMarketCap.

That said, the flagship coin still had a long way to go to cover its previous ATH. Still, the latest developments around the ‘Merge’ kept investor sentiment high. Indeed, they were not impressed with ETH’s slow price trajectory.

Still so hot

According to the on-chain metric company Santiment, the divergence of ETH active addresses has remained in bullish divergence territory despite the price decline. the tweet read,

“ETH utility has been stable for the past 4 months, despite prices dropping -35% during that time. With the number of unique addresses that interact on the $ETH network remains flat, there is a #bullish divergence between DAA and price.”

In particular, the chart below showed the possibility of a price uptrend.

Source: Holiness

In addition, the number of wallets that actively use the network does not appear to be decreasing. According to data from Bitinfocharts, the number of unique active Ethereum addresses stayed close at all times the 500,000 marks. It did not capitulate to the lows of the summer of 2021.

Large Ethereum Hodlers (whales) played a vital role in staying healthy amid the geographic chaos. Here’s the latest shopping spree,

According to IntotheBlock, 66% of HODLers earned significant gain or rather stayed ‘in the money’. Ergo, making a profit compared to those who shorted their positions early on.

Wanted

Here’s another example to prove that interest in the world’s largest smart contract network has not waned.

On March 15, ConsenSys announced it had closed a $450 million Series D financing round, bringing its valuation to more than $7 billion. The funding round was led by ParaFi Capital and included some of the usual crypto ventures and tech giants.

According to the Announcement, the investment was converted to ETH to “rebalance the ratio of ETH to USD equivalents in line with ConsenSys’ treasury strategy.” This conversion proved that investors preferred Ethereum despite the consolidation phase below $3k. Something, that’s been the case for a while.

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