ETH changing hands at $1,344, marginally up in last 24 hours
According to the on-chain analytics firm sentimentEthereum witnessed a significant number of coins being moved between the addresses of whales on Thursday, October 20. It reported that 320,000 ETH was moved that day as ETH saw its biggest trading volume increase.
The key whale transfers occurred as the ETH price declined steadily from its Oct. 18 high of $1,342. Santiment notes that barely seven hours after the move of the whopping 320,000 ETH amount, the ETH price declined and then bounced considerably.
According to data from Tradingview, Ethereum hit a low of $1,270 on Thursday and continued to decline until Friday, when it reached $1,254 before a sharp recovery. As a result, the price of ETH remained in an upward trend for an additional two days, reaching a high of $1,370 on October 24th before declining.
At the time of publication, ETH was changing hands at $1,344, marginally up in the last 24 hours.
In mid-September, Ethereum finally carried out its long-awaited merger, which transformed it from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism. The daily emissions of ETH decreased by 90% since the mining operation was stopped, but the price of Ethereum has not yet reacted favorably.
Fidelity turns to Ethereum
Fidelity, a $4.5 trillion wealth management firm, began with Bitcoin and is now focusing on Ethereum.
In an email to its customers, Fidelity announced that, “Institutional Ethereum capabilities are coming to the Fidelity Digital Assets platform on October 28, 2022.”
The product will only be accessible to Fidelity’s current institutional clients who currently trade or own Bitcoin, for which the company started providing services in 2018.
The asset manager claimed that after the Ethereum proof-of-stake transition, more investors are starting to look at it “through a new lens.”
