Ethereum Price Hits Highest Level Since January on Whale Transfer Surge
Ethereum's price has been on the rise, reaching its highest level since January at $2,609. This development comes as ETHUSD traded near $2,603 and peaked at $2,609, testing the range top of $2,616. The 50-day EMA is currently above the 200-day EMA, indicating a potential bullish trend.
On-chain data suggests that rising whale transfers and growing active holder counts coincided with the price breach. This could be indicative of increased investor confidence in Ethereum's future growth.
The average on-chain transfer fees for ETHUSD spot CFD have fallen to around $0.095, down from $0.72 on April 21. This reduction is attributed to higher blob capacity, a 60M gas limit, and increased use of Layer-2 solutions such as Arbitrum, Optimism, Base, and Linea.
However, there are some concerns about the potential impact of reduced USDT supply on stablecoin liquidity and ETHUSD trading turnover. As the number of non-empty USDT wallets dropped by 251,350 in 11 days, this could lead to tighter stablecoin liquidity.