• ETH Miner Revenue dropped to its 9-month low of $1.03M USD on Tuesday.
  •  ETH reached its 90-Day low at $1,748 USD on May 12.

Ethereum continues to trade in its red zone in the current $1.31 trillion crypto markets. The traders haven’t calmed down yet. It breached its lowest support level and reached a 3-month-low at $1,748 USD on Thursday. Now the top altcoin exhibits a slower recovery and tries to hold its ground at the $2,000 level.

Ether investors count on ‘the Merge’, the network’s anticipated transition to proof-of-stake (PoS) consensus, to withstand the uncertainty prevailing in the volatile market. 

FTX CEO Sam Bankman-Fried also opposes the traditional proof-of-work (PoW) chains. Moreover, he criticized and regarded Bitcoin as an impotent payment network based on PoW. FTX, thus, favors PoS-based crypto projects over the traditional  PoW blockchain. 

FTX CEO Sam Bankman-Fried said:

“Things that you’re doing millions of transactions a second will have to be extremely efficient and lightweight and lower energy cost. Proof-of-stake networks are.”

Ethereum Whales To FTX

Whale Alert, a famous blockchain tracker, tracked an anonymous transaction of 12,000 ETH, worth $24.5 million USD, from an unknown wallet to FTX. This whale transaction occurred around 02:50:33 UTC on 17 May 2022. This is a second event tracked this week following Monday’s 10,900 ETH transaction from an unknown wallet.

According to glassnode, a blockchain metrics data provider, the number of active addresses that hold more than 100 ETH is recorded as 43,091.

As per the data from CMC, at the time of writing, Ethereum traded at $2,070.95 USD with a 24-hour trading volume of $21,048,125,375 USD. It is up 0.06% in the last 24 hours with a market cap of $250 million USD.

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