Ethereum soars beyond $1.4K as shark addresses grow “aggressively”

Sahana Kiran
Source – Unsplash

After quite some time, the crypto community was ecstatic following the market’s latest uptrend. While Bitcoin [BTC] managed to hit $18K, altcoins followed suit. Ethereum [ETH], the second largest crypto network also mirrored this notion as it moved beyond $1,400 for the first time since the start of November.

At press time, ETH was trading for $1,401.42 with a 5.29 percent daily surge. Earlier today, the altcoin managed to surge to a high of $1,408.13 all the way from a low of $1,323.58. Amidst this, Ethereum’s dominance rose to 19.3 percent while Bitcoin’s slumped to 39.4 percent.


Several analysts in the market pointed out that Ethereum previously encountered rejections at the resistance level of $1,340. Its latest price rise came after it moved past this level.

Since the altcoin has managed to break past this major resistance level, the community is hoping to witness an upward trajectory.

It should be noted that ETH continues to trade 71.31 percent below its all-time high of $4,891.70.

Ethereum whales and sharks are making big bucks

It looks like a group of investors predicted the rise of the altcoin and pocketed ETH much before its latest rally. Santiment pointed out that over the last 10 weeks, nearly 3,000 new shark addresses entered the market. Shark addresses are usually referred to as those that hold 100 to 10,000 ETH. The on-chain analytics firm further added,

“48,556 shark addresses is the highest level recorded since Feb, 2021.”


Meanwhile, the number of active addresses in the network has been quite low. At press time, there were only 520,295 active addresses in the ETH network. This was much lower when compared to its peak back in December.


On December 9, 2022, the total number of active addresses hit a high of 1,505,652. Therefore, its most recent numbers were quite dainty compared to its previous levels.