Ethereum (ETH) is on track to chart a new recovery path with an ongoing mega accumulation by the whales within its community. According to top market analyst Ali Martinez, Ethereum Whales have accumulated over 410,000 ETH units over the past month.

Ethereum (ETH) Whales: Catalysts for Growth

The total Ethereum (ETH) whale accumulation is valued at $920,745,200, a sum significant enough to shift the price of the cryptocurrency by some fraction of a percentage. According to the shared charts, the valuation boost of whales ranging from 1000 to 10,000,000 Ethereum units is at its highest level since at least 24 November 2023. 

In the past month, #Ethereum whales bought over 410,000 $ETH, worth nearly $1 billion! pic.twitter.com/1gGguoEypx

— Ali (@ali_charts) January 6, 2024

From that time until now, the coin’s price has been erratic, rising to a high above $2,400 sometime on December 9 before experiencing a bearish correction as we have it today. At the time of writing, Ethereum is changing hands for $2,251.76, up 0.81% in the past 24 hours.

Ethereum’s growth has been mixed with many uncertainties as it has exhibited a stronger-than-expected correlation with Bitcoin in recent times. Rebounding to its current level from a 24-hour low of $2,219.78, Ethereum’s short-term growth trend has trailed that of Bitcoin but the revived interest from its whales can change the narrative moving forward.

Other crucial on-chain metrics include the Daily Active Addresses which, according to the crypto analytics platform, IntoTheBlock (ITB) is up by 2.21% to 480,990. The ITB data also confirmed the Ethereum (ETH) whales transaction which has seen a 15.83% jump in the past 24 hours with over $4.79 billion traded.

Ethereum Getting Interesting Updates

While the Ethereum (ETH) whales outlook shows interesting trends ahead owing to the shrinking supply by these accumulations, Ethereum is also getting a series of other fundamentals that can ultimately help bolster the network moving forward.

As reported earlier, Ethereum co-founder Vitalik Buterin has hinted at one of the latest focuses that the Layer-2 scaling solutions resident on the blockchain should focus on. This focus should be hinged on developing Ethereum Name Service (ENS) for these L2s in the hope of bolstering further adoption and ease of use.

Additionally, Ethereum is also anticipating a spot ETF product that might see the light of day if spot Bitcoin ETF is approved as currently widely speculated.

The post Ethereum (ETH) Whales Driving Intensive Buyup, Here’s Price Reaction appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am