According to cryptocurrency analysis portal Santiment, there has been a significant accumulation of Ethereum in recent days. The most active are those addresses holding 100 to 100,000 ETH on their balance sheets, known in the crypto space as sharks and whales. The group of investors has reportedly purchased 1.9% of Ethereum’s total available supply in the past three weeks alone.
🐳🦈 Active shark and whale addresses on #Ethereum continue to accumulate, with prices at less than a quarter of #AllTimeHigh levels a year ago. In October/November 2020, these $1-100,000 ETH addresses helped push the price of $ETH up by 50% in 5 weeks. https://t.co/v8gh4RfV7z pic.twitter.com/Oe3lTo12uj
– Santiment (@santimentfeed) November 23, 2022
Previously, similar activity was seen in the fall of 2020, when these sharks and whales accumulated 2.1% of Ethereum’s supply. At the time, the price of ETH rose by 50% over the next five weeks. If history tends to repeat itself, the price of ETH could see a similar positive trend by early 2023.
major whale alert
Indirect confirmation may be from the latest stats from the same Santiment, as reported by U.Today. Monday, November 21 was said to be one of Ethereum’s biggest buy days of the past year. Major altcoin holders spent over $1 billion on purchases, putting 947,940 ETH into their wallets.
Ethereum (ETH) Price Chart
Ethereum’s price action is more of a recovery in itself. The price of ether, which is down nearly 28 percent, continued to edge up 5.1 percent this week after falling in the previous two weeks.