Number of Ethereum (ETH) that spent 12-24 months dormant spiked over 2018 highs, Glassnode says
Glassnode Alerts, an automated alert service by major on-chain data vendor Glassnode, reported a rapid increase in the number of Ether (ETH) coins that were last moved 12 to 24 months ago.
Dormant Ether (ETH) number at four-year high: Glassnode
According to a tweet shared by Glassnode Alerts today, Nov. 7, 2022, 35,185,071.976 Ethers (ETH) were moved between wallets 12 to 24 months ago. That said, they stayed dormant for at least one year.
The last time Ether (ETH) was recorded in this category was on October 10, 2018. To provide context, this happened when Ethereum (ETH) was priced at $230.
To some extent, this can be interpreted as a signal of confidence demonstrated by long-term holders of Ethereum (ETH) coins amid a bearish recession.
It should also be noted that the supply of Ethereum (ETH) is increasing: as such, the 2018 high was more impressive in terms of the share of passive Ether supply.
Ethereum (ETH) price rejected at $1,660 twice in 24 hours
On Nov. 4-5, the Ethereum (ETH) price spiked to its highest levels in seven weeks. Its local top was registered over $1,660 on major spot exchanges.
In addition to the overall increase in cryptocurrency capitalization, the Ethereum (ETH) price spike can be attributed to the release of an updated post-merge roadmap by Vitalik Buterin.
However, Ethereum (ETH) failed to expand this upsurge further: currently, the second cryptocurrency is changing hands at $1,580, being down 3% in 24 hours.
