Whales push Ethereum towards $3K, but will the ‘complexity’ be too much

ambcrypto.com:

Ethereum has risen gradually over the week, with the crypto’s movements stirring hopes that better days may be ahead. Even so, not everything is going smoothly, with one Ethereum developer pointing out something interesting about the ecosystem’s growing complexity.

On the price charts, the world’s largest altcoin seems to be on the brink of crossing $3K. Trading at $2,946 at press time, ETH may soon breach the aforementioned resistance level, a level that has held up well despite a few unsustainable breaches.

According to analysts, sustaining a breach of the same will be key to ETH hiking to its former ATH again.

Ethereum Price Action | Source: TradingView – AMBCrypto

Co-incidentally this week, whales too were active again as their transactions began rising across the board. Hitting a high of $8.8 billion in a single day, this was the most significant spike in their activity since 24 February. In fact, this was around the time Russia began its invasion of Ukraine. 

Ethereum whale transaction | Source: Intotheblock – AMBCrypto

On the contrary, retail investors who hold 58.21% of Ethereum’s 120 million ETH supply have been dormant as always. Since the market crash, their contribution to daily volume has just been 10%.

Despite the 17.1% hike in price this week, the non-whale cohort continues to remain fairly quiet.

Ethereum total transaction volume | Source: Intotheblock – AMBCrypto

Worth pointing out though that investors’ bullishness only comes from Ethereum’s use cases and the potential it states it has with Proof of Stake (POS). This bullishness is actually beginning to affect the developers too. One of them actually believes that Ethereum’s complexity is close to breaking point and touching it would push it past the point