Ethereum Addresses In Loss Hits 2 Year High Amid Crypto Market Downtrend

Quick take:

• Over 34 cardinal addresses that clasp ETH are successful nonaccomplishment positions.
• The second-largest crypto is down implicit 10% successful the past week.
• Other altcoins crossed the marketplace are besides down arsenic the markets deed a lull.
• Ethereum’s modulation to PoS could inactive hap successful August contempt the reorg onslaught connected the Beacon chain.
• Technical expert predicts different 50% – 70% dip successful altcoin prices arsenic BTC dominance grows.

The fig of wallets holding ETH successful nonaccomplishment deed a two-year precocious connected Friday (May 27, 2022) pursuing different lackluster week for the cryptocurrency market. Data from Glassnode shows that implicit 34.1 cardinal addresses present clasp Ethereum beneath the levels they bought at. 

Ethereum Wallet Addresses (Source: Glassnode)

Since astir December 2021, the wide cryptocurrency marketplace deed a slump and dilatory slipped into a downtrend. ETH has fallen acold beneath its November 2021 ATH of $4,891. As of property time, the world’s second-largest crypto trades astir $1,810. The token has so dipped massively and is down implicit 10% this week, per information from CoinMarketCap.

Furthermore, a caller study from Santiment revealed that web enactment connected Ethereum besides reduced and transactions connected the web recorded importantly debased state fees.

Ethereum Daily Chart (Source: CoinMarketCap)

The quality comes up of ETH’s anticipated modulation to a Proof-of-Stake consensus. The update dubbed The Merge is expected to hap successful August contempt a reorganization onslaught connected Ethereum’s sister concatenation – Beacon. 

However, halfway ETH developer Preston Van Loon remains optimistic that the lawsuit won’t impact progress.

Ethereum and Other Alts Could Down Another 50% Due To Rising BTC Dominance – Jason Pizzino

As expected pursuing the latest bloodbath successful the crypto market, ETH’s marketplace headdress mislaid a fewer cardinal and dropped down to $218 cardinal from astir $350 cardinal astatine the commencement of May. Notably, the full crypto marketplace besides dipped to $1.27 trillion.

Ethereum Market Cap (Source: CoinMarketCap)

On-chain information shows that the concern triggered a emergence successful Bitcoin’s dominance implicit the marketplace arsenic the starring coin present accounts for astir fractional of the full crypto market. As of property time, BTC dominance had grown to astir 44%.

The concern supposedly forms the main thesis down method expert Jason Pizzino’s prediction that BTC could drain liquidity from the marketplace and trigger different 50% – 70% dump successful altcoin prices.