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As Ethereum's price experiences a temporary dip, a notable trend has emerged, indicating potential long-term implications for the cryptocurrency's value.
Rising whale transactions, particularly among large Ethereum holders, have sparked interest among analysts and investors as a potential indicator of Ethereum's future price trajectory.
In recent weeks, Ethereum's blockchain has witnessed a surge in whale transactions, which are large transfers of ETH carried out by entities holding significant amounts of the cryptocurrency and are often greater than $100,000.
The rising number of whale transactions on Ethereum's blockchain is being viewed by some analysts as an indicator of the cryptocurrency's long-term price trends.
According to crypto analyst Ali, despite the Ethereum price correction seen over the past few weeks, ETH whale transactions are on the rise, which is a bullish indicator for future ETH price movements.
Despite the #Ethereum price correction seen over the past few weeks, $ETH whale transactions are on the rise — a bullish indicator for future #ETH price movements! pic.twitter.com/urMBA8ofAS
— Ali (@ali_charts) March 29, 2024
Historically, whale activity has been associated with significant price movements, with large transactions often signaling institutional interest or accumulation. As such, the current uptick in whale transactions could be interpreted as a bullish signal for Ethereum, suggesting underlying confidence in its prospects despite short-term price volatility.
At the time of writing, ETH was slightly down 0.25% in the last 24 hours to $3,545.
Update on Ethereum missing block incident
Ethereum developers discussed the missing block incident which happened in the week during the most recent ACDE call, a bi-weekly meeting series where developers discuss and coordinate changes to the execution layer (EL) of Ethereum.
On March 27, there was an uptick in the number of missing blocks. Every 30 minutes, 2% to 4% of blocks are typically missed on Ethereum. However, during a period when the network was experiencing a high volume of blob transactions, this percentage increased to more than 14% in just a few hours. Blob prices climbed by more than tenfold during this period.
Terrence Tsao, an Ethereum developer, stated that the issue of missing blocks was quickly resolved as the Bloxroute team turned down their MEV relay. The specifics of what was causing the Bloxroute relay troubles remain unknown, but the Bloxroute team is working on a fix that they will disclose, along with a thorough post-mortem of the issues, in the coming days.
In separate news, ETH developers have approved the inclusion of two retroactive Ethereum improvement proposals (EIPs) in the upcoming Prague/Electra upgrade: EIP 7610 and 7523.