Ethereum Whales Continue Accumulating
Large Ethereum investors, known as whales, have been consistently accumulating ETH over the past year, despite the bear market conditions. The top 200 Ethereum whales have increased their holdings by 30%, amassing a total of 62.76 million tokens, which is approximately 52% of the total ETH supply.
According to Santiment, these whales have been actively buying ETH since November 2022, with $124 billion worth of tokens being acquired in this period. Their bullish accumulation trend indicates confidence in the future price trajectory of Ethereum.
Influx of New ETH Wallets
Alongside the whale buying spree, there has been a surge in the creation of new Ethereum wallets, signaling renewed interest and adoption of the cryptocurrency. With a total of 94,700 new wallets created on the network on a single day, it suggests a potential recovery in price as the ecosystem expands.
ETH Poised for Recovery
Despite recent negative news impacting the crypto market, Ethereum has maintained a price level below $2,000, indicating resilience. Analysts predict a potential recovery, with projections of the price surpassing $2,350 soon. This is supported by the altcoin’s consolidation trend and strong bullish continuation patterns, pointing towards a potential price breakout.
At the time of writing, ETH is trading at $1,996, with analysts expecting a bullish momentum in the coming weeks.
Hot Take: Ethereum’s Bullish Momentum Continues
Ethereum whales remain bullish, with significant accumulation ongoing. The influx of new ETH wallets further strengthens the potential for a price recovery, as interest in the ecosystem grows. With the altcoin’s price hovering just below $2,000 and bullish patterns emerging, there is optimism for a breakout in the near future, with a price target of $2,400 in sight.
As the market landscape evolves, Ethereum’s resilience and bullish momentum continue to position it for future growth and potential price surges.
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