New Way to Predict Ethereum Price Movements Discovered!

According to the latest data, Ethereum's stakeholders are offering clues about future price performance. 

According to the article published by on-chain data platform Santiment, the data of Ethereum's important stakeholders gives some signals about its price performance in the future.

The article stated that although examining the behavior of Chainlink, Polygon or Bitcoin's whales is useful for market forecasting, the situation is different for Ethereum. While it was stated that many people use Ethereum in the DeFi field and for NFT buying and selling, it was emphasized that the multitude of usage areas may cause difficulties in separating whale transfers.

According to Santiment, this situation can make it difficult to understand the trend of the market.

Wrapped Staked Ethereum (wstETH), issued in exchange for Ethereums staked through Lido DAO, can play a decisive role in the price of Ethereum.  According to the report, increases and decreases in the percentage of wallets holding 100 to 10 thousand wstETH in the last year can give some ideas about the price. Similarly, Rocketpool’s rETH is also following suit.

The decrease in wallets in February caused a parallel decline in prices.

Santiment clarified the issue with the following statements:

One of the main benefits of analyzing wstETH and rETH holders is that it makes it easier to filter out the noise. In the Ethereum ecosystem, many transactions are not directly linked to market speculation. By focusing on these wrapped and staked tokens, we can more clearly define the determined and strategic investments of investors who can make decisions based on price predictions and have the ability to direct these tokens.