By Shelly Melancon (Switzerland)
The latest WhaleStats data reveals that deep-pocketed ETH investors are increasing their holdings of SHIB, FTT, and MANA. The last two are the tokens of metaverse-related projects (FTX and Decentraland).
The Breakdown
The data was obtained when the analytics firm analyzed the top 1,000 ETH wallets’ investment accumulations that don’t belong to crypto exchanges. A breakdown of the data showed that asides from increasing their ETH holdings, Ethereum whales also bought an average of the following tokens.
$2.50m FTT tokens, $1.95m USDC, $2.90m USDT, $1.04m SHIB, $159K MANA and $465K GALA. GALA is the native token of a gaming blockchain platform, Gala. Other tokens bought but which the analytics failed to disclose the exact amounts were BUSD, wBTC, and SRM, making the top 10 tokens bought by ETH whales.
Top 10 tokens purchased by ETH whales. Source: WhaleStats
Ethereum Is A Better Store Of Value Than BTC – Peter Schiff.
Famous American stockbroker and crypto investor, peter Schiff has claimed that ETH’s price action this year has made it a better value store than BTC. Schiff made his opinion known via Twitter, saying, “if BTC enthusiasts claim that BTC is a better store of value than gold because of its price performance, then ETH is a better store of value than BTC using the same logic.”
He also claimed that ETH might have disrupted the leading cryptocurrency. Many members of the crypto ecosystem agreed with Schiff’s comments. Interestingly, one of Peter Schiff’s sons, Spencer, opposed his father’s comments. He said if we use the same price performance criteria, then DOGE is the better performer and store of value among all the top digital assets.
ETH Price Action
ETH is still dipping; it was rejected at the $4.2K price level and is about to hit the $4.085K price levels of the 50 EMA, with other cryptocurrencies still bearish.
24-hour chart ETH price action. Source: TradingView
The weekend was highly bearish for the crypto market as the bears were in complete control even BTC wasn’t spared. BTC dropped to almost $42.3K even though it has since bounced off that price level and now trades at nearly $48K as of this writing. However, the general crypto market sentiment remains bearish. Doge and SHIB are approaching the support levels at $0.1653 and $0.000034 support regions, While SOL and XRP are approaching the support regions of $179 and $0.76, respectively.
One of the major causes for the decreasing demand for digital assets is the rapid spread of the omicron (another variant of the COVID-19) and the Fed’s unpredictability regarding enacting and enforcing a suitable crypto policy.
If the unpredictability of the market remains, digital assets will likely remain bearish in the forthcoming trading sessions. ETH will still dip below the $4.09K price and find its next support levels at $3.9K and $3.72K price levels, respectively. However, If the bearish momentum is quickly arrested and ETH embarks on bullish momentum, its next resistance price point would be $4.34K which coincides with the 20 EMA price. If it surges past the level, its next crucial resistance will be $4.54K.
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