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Ethereum (ETH) Rise Above $1,800 Caused By This Driver: Report

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Wed, 1/11/2023 - 16:36
Ethereum (ETH) Rise Above $1,800 Caused By This Driver: Report
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A recent tweet by on-chain data agency Santiment has revealed an important driver that pushed the second largest crypto, Ethereum, up, helping it to regain the $1,800 price mark.

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Report reveals what pushed Ethereum above $1,800

A recent X post by Santiment revealed that the major driver, moving ETH over $1,800 was the day when the biggest number of new wallets emerged since early October. 

The analytics team of the company reckons that should the Ethereum network keep growing long-term with the ETH supply on exchanges declining further, “ETH has justification to cross $2,000 once again”. Currently, the supply of Ethereum remains at the lowest level since ETH Genesis.

Related
Ethereum Cofounder Vitalik Buterin Moves Large ETH Chunk to Coinbase

Vitalik Buterin deposits ETH to Coinbase

As reported by U.Today earlier, Ethereum co-founder Vitalik Buterin transferred a small amount of ETH to the largest US-based crypto exchange Coinbase – 100 ETH worth $181,000. When Vitalik transferred them at $1,810 per coin.

In September this year, he also moved 400 ETH to the same crypto trading venue. In August, Buterin deposited 600 ETH to Coinbase also – that amount of ETH was worth approximately $1 million back then.

In October, Buterin moved 1,000 ETH to Bitstamp, selling it for $1.67 million. Overall, over the past two months, the Ethereum frontman moved roughly 4,400 ETH to Bitstamp, selling it for approximately $7.23 million in fiat.

At the time of this writing, ETH is changing hands at $1,798, according to the data provided by CoinMarketCap.

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