{"id":562395,"date":"2023-11-25T11:00:19","date_gmt":"2023-11-25T11:00:19","guid":{"rendered":"https:\/\/wncen.com\/?p=562395"},"modified":"2023-11-25T09:51:14","modified_gmt":"2023-11-25T09:51:14","slug":"ethereum-whales-go-on-9-day-accumulation-spree-eth-price-rally-incoming","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-whales-go-on-9-day-accumulation-spree-eth-price-rally-incoming\/","title":{"rendered":"Ethereum Whales Go On 9-Day Accumulation Spree: ETH Price Rally Incoming?"},"content":{"rendered":"

The price of Ethereum has been on a steady and monumental rise in the past few weeks, and the last seven days have not been much different. The altcoin breached the $2,100 mark<\/a> on Friday, November 24, with its sights now set on new yearly highs.<\/span><\/p>\n

Interestingly, a recent on-chain revelation has shown what could be behind the latest ETH price surge<\/a> while offering insights into the future prospects of the cryptocurrency.<\/span><\/p>\n

On-Chain Data Shows Whales Continue To Buy ETH<\/strong><\/h2>\nRenowned crypto analyst Ali Martinez, in a post on X<\/a>, revealed that Ethereum whales have been active in the crypto market over the past few days. According to on-chain data from Glassnode, ETH whales have been accumulating the altcoin for nine consecutive days.<\/span><\/p>\n
$\"Ethereum\"$ <\/p>\n
Ethereum whales increase balance for nine days in a row | Source: Ali_charts\/X<\/a><\/pre>\n
Related Reading: Ethereum Outperforms Bitcoin: Is The Altcoin Season Officially On?<\/a><\/div>\n
Notably, Martinez highlighted that this is the first 9-day accumulation spree in over nine months. Furthermore, the crypto analyst noted that \u201cthe increasing buying pressure could be a strong signal for ETH bullish price action.\u201d<\/span><\/p>\n
Changes in whale accumulation are often closely monitored in the cryptocurrency space because of how large crypto holders can influence the market dynamics. The steady buying pressure displayed by Ethereum whales over the past nine days suggests a growing optimism amongst this class of investors.<\/span><\/p>\n
Another analyst offered a similar on-chain perspective<\/a> to the growing accumulation by Ethereum whales. The crypto pundit revealed – via a post on X – that the 200 largest Ethereum wallets now hold a collective 62.76 million ETH (worth about $132.1 billion).<\/span><\/p>\n
According to data provided by Santiment, this whale class has accumulated 30.3% more coins since November 21, 2022. Additionally, these 200 largest Ethereum addresses hold about 52% of Ether\u2019s circulating supply.\u00a0<\/span><\/p>\n
Ethereum Price – Where Next?<\/strong><\/h2>\nWhile Ethereum’s price broke above the $2,100 mark<\/a> on Friday, it has since retraced below the price level. However, there is much optimism around a continuous upward movement for ETH, especially as it still trades above the significant $2,044 resistance zone.<\/span><\/p>\n
Many investors might want to keep an eye on the cryptocurrency\u2019s price action by the end of the week, though. According to an analyst, a close above $2,130 on the weekly timeframe will be pivotal for Ethereum\u2019s price trajectory<\/a>.<\/span><\/p>\n
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$ETH<\/a> \/ $USD<\/a> – Update <\/p>\n
$2,130 please is all we need to flip into support \ud83d\udcaf pic.twitter.com\/qVw2gG66Cz<\/a><\/p>\n
— Crypto Tony (@CryptoTony__) November 24, 2023<\/a><\/p><\/blockquote>\n