Summary:
- The number of Ethereum addresses holding 32 or more ETH has reached a new all-time high of 125,540
- The present value of Ethereum offers the opportunity to accumulate ETH in anticipation of staking on ETH2.0
- Ethereum staking pools are intended for those who cannot accumulate 32 ETH
The number of Ethereum addresses with 32 ETH or more has just hit a new all-time high of 125,540. This is according to data from the Glassnode team, which also suggests that Ethereum investors continue to accumulate ETH in anticipation of betting on ETH2.0.
The Glassnode team shared their analysis of ETH holders via the following tweet and accompanying chart highlighting the growth of Ethereum holders with 32 or more ETH.
📈 #Ethereum $ ETH The number of addresses with more than 32 coins has just reached an ATH of 125,540
An earlier ATH of 125,522 was observed on October 30, 2020
View metric: https: //t.co/rkRWanL3OS pic.twitter.com/28VF1YsbdL
– glassnode alerts (@glassnodealerts) November 1, 2020
Ethereum’s Current Price Level Consolidation Tips
In a previous analysis, it was pointed out that Ethereum’s journey above $ 400 may have to wait until Bitcoin reaches a certain level which should allow ETH to thrive in the market. At the time of writing, investors and traders have their eyes and capital on BTC as they predict the King of Crypto will hit the $ 14k resistance level. Traders are known to go with the pump and right now Bitcoin is the life of the party.
With less focus on Ethereum, its value has remained more or less stagnant around the $ 390 price zone in what appears to be a short-term consolidation in anticipation of ETH’s prosperity after Bitcoin hit a local peak.
ETH staking pool for those who cannot access 32 ETH
In a recent ETH2.0 update, ConsenSys developer Ben Edington explained that the deposit agreement for Ethereum staking on ETH2.0 is expected to be released soon. Furthermore, the genesis of the Ethereum flagship chain will take place within the next six to eight weeks.
This greatly explains the accumulation of the 32 ETH needed to bet on the expected Proof of Stake mechanism that governs ETH2.0. This minimum amount of 32 ETH required to stake translates to around $ 12,500 using Ethereum’s current value of $ 390. This is a particularly high amount for the normal retail investor.
However, Ethereum investors need not worry about not being able to accumulate 32 ETH. According to the ConsenSys team, there will be staking pools where you can deposit ETH that is available to get your share of Ethereum rewards. The pools will participate on behalf of the investors and subsequently distribute the ETH earned.
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