The Currency analytics
By James Thorp
BitMine bought big. The company grabbed 51,162 Ethereum tokens worth $93 million on February 23, but the crypto market didn't really care.
The institutional buy ranks among the biggest recent purchases, yet Ethereum can't catch a break.
The Parabolic SAR indicator moved above price candles, confirming bears control the short-term trend. If ETH breaks below $1,750 support, the next stop could be $1,595.
Holder behavior tells an interesting story about market psychology right now. Short-term investors moved into mid-term positions, with 3-to-6 month supply jumping 5% last week.
The $1,880 to $1,900 demand zone that traders watched closely? Gone. ETH sliced through it like butter during the recent selloff.
Crypto analyst Julia Tan thinks getting back above $1,928 could restore confidence pretty fast.
Network activity stays solid despite price weakness. Etherscan data from February 24 shows daily transactions holding steady around normal levels.
Whale movements caught attention this week. Whale Alert spotted several transfers exceeding 10,000 ETH each, suggesting major holders are repositioning.
Macro factors keep weighing on crypto markets. Global economic uncertainty makes investors nervous about risk assets like Ethereum.
February 24 matters for technical reasons too. Developers are prepping the Shanghai upgrade that should boost transaction speeds and cut gas fees.
Glassnode data shows active addresses hit 600,000 on February 23, up from recent lows. More people are using the network even as prices struggle.
Mark Yusko spoke to CNBC on February 22 about Ethereum's future. "The network's evolution is crucial for maintaining its competitive edge," he said.
DeFi platforms built on Ethereum still attract serious money. DeFi Pulse shows $45 billion locked in Ethereum-based protocols as of February 24.
NFT activity picked up on February 25. OpenSea hit $50 million in daily trading volume, showing people still care about digital collectibles.
Vitalik Buterin addressed the community during a virtual event February 23. He talked up the Shanghai upgrade and its potential to fix scalability issues.