Ethereum
Surprising long-term Ethereum price indicator emerges as ETH drops
Tomiwabold Olajide
Notable trend emerges for Ethereum, indicating potential long-term implications
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As EthereumThe price of the cryptocurrency is experiencing a temporary decline, a notable trend has emerged, indicating potential long-term implications for the value of the cryptocurrency.
The increase in whale transactions, particularly among large Ethereum holders, has piqued the interest of analysts and investors as a potential indicator of Ethereum’s future price trajectory.
In recent weeks, the Ethereum blockchain has seen an increase in whale transactions, which are large transfers of ETH made by entities holding significant amounts of the cryptocurrency and are often greater than $100,000.
The growing number of whale transactions on the Ethereum blockchain is seen by some analysts as an indicator of the cryptocurrency’s long-term price trends.
According to a crypto analyst AliDespite the Ethereum price correction seen over the past few weeks, ETH whale transactions are on the rise, which is a bullish indicator of future ETH price movements.
Historically, whale activity has been associated with large price movements, with large transactions often signaling institutional interest or accumulation. As such, the current rise in whale transactions could be interpreted as a bullish signal for Ethereum, suggesting underlying confidence in its prospects despite near-term price volatility.
At the time of writing, ETH was down slightly by 0.25% over the past 24 hours at $3,545.
Update on Ethereum missing block incident
Ethereum Developers discussed the missing block incident that occurred earlier this week during the latest ACDE call, a series of bi-weekly meetings where developers discuss and coordinate changes to Ethereum’s execution layer (EL).
On March 27, the number of missing blocks increased. Every 30 minutes, 2-4% of blocks are typically missed on Ethereum. However, at a time when the network was experiencing a high volume of blob transactions, this percentage increased to over 14% in just a few hours. Blob prices increased more than tenfold during this period.
Terrence Tsao, an Ethereum developer, said the missing blocks issue was quickly resolved when the Bloxroute team declined its MEV relay. The details of the cause of the Bloxroute relay issues remain unknown, but the Bloxroute team is working on a fix that they will disclose, along with an in-depth analysis of the issues, in the coming days.
In other news, ETH developers have approved the inclusion of two Retroactive Ethereum Improvement Proposals (EIPs) in the upcoming Prague/Electra upgrade: EIP 7610 and 7523.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.