Ethereum Whales Accumulate $230 Million Worth of ETH
The price of Ethereum (ETH) has been struggling to gain momentum, but a group of investors may be able to change that. Recent on-chain data shows that large ETH whales have been on a buying spree, acquiring significant amounts of the cryptocurrency.
Impact on Price?
According to crypto analyst Ali Martinez, prominent whales have accumulated over 100,000 ETH worth more than $230 million in the past week. This suggests that these investors still believe in Ethereum’s potential despite its current price struggles.
As a result of these purchases, the total holdings of Ethereum whales now exceed 9.5 million ETH, which represents about 8% of the cryptocurrency’s circulating supply.
Ethereum Price Overview
Despite the increase in buying pressure from whales, the price of Ethereum has not seen a significant impact. This indicates that the token may still have further potential for decline in the near future.
The daily Relative Strength Index (RSI) value for Ethereum stands at 52, suggesting a neutral position. As of now, the price of ETH is $2,208 with a 1.7% decline in the past 24 hours and over a 5% decline in the last seven days.
However, despite these setbacks, Ethereum remains the second-largest cryptocurrency by market capitalization at approximately $266.1 billion.
Hot Take: Whales Boost Confidence in Ethereum Amid Price Struggles
The recent accumulation of Ethereum by large investors is a positive sign for the altcoin. Despite its price struggles, these whales continue to show faith in Ethereum’s long-term potential. The increased buying pressure from this group suggests that they believe in the future growth of the cryptocurrency. However, it remains to be seen whether their purchases will be enough to turn around the current downward trend. As Ethereum continues to face challenges, investors and traders should closely monitor its price movements and whale activity for potential market trends.
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