The price of Ethereum has been steadily rising in recent weeks, and it continues to climb higher. Ethereum breached the $2,100 mark on November 24 and is now aiming for new yearly highs.
Whales Continue to Buy ETH
According to renowned crypto analyst Ali Martinez, Ethereum whales have been actively accumulating the altcoin for nine consecutive days. This is the first time in over nine months that such a prolonged accumulation spree has occurred. The increasing buying pressure from these whales could indicate a bullish price action for ETH.
Changes in whale accumulation are closely monitored in the cryptocurrency space as they can influence market dynamics. The consistent buying pressure from Ethereum whales suggests growing optimism among these investors.
Growing Accumulation by Ethereum Whales
Another analyst has also observed a similar trend of growing accumulation by Ethereum whales. The 200 largest Ethereum wallets now hold a total of 62.76 million ETH, worth about $132.1 billion. These wallets have accumulated 30.3% more coins since November 21, 2022, and hold approximately 52% of Ether’s circulating supply.
Ethereum Price Outlook
Although Ethereum’s price briefly dropped below $2,100 after breaking above it, there is still optimism for further upward movement. As long as ETH remains above the significant $2,044 resistance zone, many investors anticipate continued price growth.
An analyst suggests that a close above $2,130 on the weekly timeframe will be crucial for determining Ethereum’s future price trajectory.
Hot Take: Ethereum Maintains Weekly Gains Despite Minor Dip
As of now, ETH is valued at $2,086 with a minimal 0.2% change in the past 24 hours. However, the cryptocurrency has managed to retain most of its gains on the weekly timeframe, experiencing an increase of over 8% in the last seven days.
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