{"id":648386,"date":"2024-10-17T09:00:04","date_gmt":"2024-10-17T09:00:04","guid":{"rendered":"https:\/\/www.wncen.com\/?p=648386"},"modified":"2024-10-16T18:55:47","modified_gmt":"2024-10-16T18:55:47","slug":"ethereum-whales-are-quietly-accumulating-is-a-major-price-breakout-coming","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/ethereum\/ethereum-whales-are-quietly-accumulating-is-a-major-price-breakout-coming\/","title":{"rendered":"Ethereum Whales Are Quietly Accumulating\u2014Is A Major Price Breakout Coming?"},"content":{"rendered":"<p>As Ethereum continues to trail behind Bitcoin\u2019s ongoing recovery in price, it seems the second-largest cryptocurrency by market cap is experiencing some <a href=\"https:\/\/www.wncen.com\/ethereum-news\/ethereum-6000-if-this-pattern-holds-analyst-says\/\" target=\"_blank\" rel=\"noopener \">positive developments<\/a> in the background.<\/p>\n<p data-pm-slice=\"1 1 []\">According to recent <a href=\"https:\/\/x.com\/intotheblock\/status\/12894706\" target=\"_blank\" rel=\"noopener nofollow\">data<\/a> from IntoTheBlock, large Ethereum holders, often called whales, have been actively accumulating Ethereum over the past month.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/news\/ethereum\/ethereum-could-target-3400-once-it-breaks-above-bullish-pattern-details\/\" target=\"_blank\" rel=\"noopener \">Ethereum Could Target $3,400 Once It Breaks Above Bullish Pattern \u2013 Details<\/a><\/div>\n<h2 data-pm-slice=\"1 1 []\">The Quiet Accumulation Of ETH From Whales<\/h2>\n<p data-pm-slice=\"1 1 []\">IntoTheBlock reported via its X account that Ethereum\u2019s large holder net flow has increased notably over the past 30 days. Specifically, whale wallets, which hold more than 0.1% of Ethereum&#8217;s total supply, have recorded consistent net outflows, signaling &#8220;accumulation.&#8221;<\/p>\n<figure style=\"width: 1716px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GaBbVMuWEAEhptN?format=jpg&amp;name=large\" alt=\"Ethereum large holders netflow.\" width=\"1716\" height=\"428\"><figcaption class=\"wp-caption-text\">Ethereum large holders netflow. | Source: IntoTheBlock<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">According to the data, net outflows were recorded on just three days in the last month, meaning these large holders were predominantly adding to their positions.<\/p>\n<p data-pm-slice=\"1 1 []\">In total, over 1.7 million ETH were accumulated during this period, with 175,000 ETH purchased in the last two days alone IntoTheBlock suggests that this strong accumulation behaviour from large holders typically indicates confidence in the asset\u2019s<a href=\"https:\/\/www.wncen.com\/news\/ethereum\/ethereum-could-target-3400-once-it-breaks-above-bullish-pattern-details\/\" target=\"_blank\" rel=\"noopener \"> long-term potential<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Over the past 30 days, ETH whale wallets have been actively accumulating, with net outflows recorded on only three days.<\/p>\n<p>\ud83d\udcca The large holder netflow indicator tracks when wallets holding more than 0.1% of the total supply are buying or selling.<\/p>\n<p>\ud83d\udd0d In total, these wallets have\u2026 <a href=\"https:\/\/t.co\/om1UM9tArf\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/om1UM9tArf<\/a><\/p>\n<p>\u2014 IntoTheBlock (@intotheblock) <a href=\"https:\/\/twitter.com\/intotheblock\/status\/12894706?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">October 16, 2024<\/a><\/p><\/blockquote>\n<h2 data-pm-slice=\"1 1 []\">Ethereum Price Performance And Outlook<\/h2>\n<p>While large holders have been expressing confidence through their accumulation behavior, Ethereum\u2019s price appears to be gradually reflecting this phenomenon. Over the past week, Ethereum has added around 5.9% to its value, reclaiming its <a href=\"https:\/\/www.wncen.com\/analysis\/eth\/ethereum-bulls-3k\/\" target=\"_blank\" rel=\"noopener \">ground above the $2,600 price mark<\/a>.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/NGIA3gN8\/\" alt=\"Ethereum (ETH) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">ETH price is moving upwards on the 2-hour chart. Source: ETH\/USDT on<a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=OANDA%3AXAUUSD\" target=\"_blank\" rel=\"noopener nofollow\"> TradingView.com<\/a><\/figcaption><\/figure>\n<p>In the last 24 hours, the asset has seen a slight increase of 1.3%, bringing its current trading price to $2,616, at the time of writing. Additionally, Ethereum&#8217;s daily trading volume has also<a href=\"https:\/\/www.wncen.com\/analysis\/eth\/ethereum-price-surges-2650\/\" target=\"_blank\" rel=\"noopener \"> increased significantly<\/a> in the past week from below $14 billion last Wednesday to currently above $18 billion as of today.<\/p>\n<p>Amid this price performance, crypto analyst CrediBULL shared his latest <a href=\"https:\/\/twitter.com\/CredibleCrypto\/status\/55790504?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">outlook<\/a> on Ethereum. In a post on X, the analyst expressed concerns over Ethereum\u2019s relative weakness against Bitcoin.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/news\/ethereum\/ethereum-open-interest-5-months-brace-volatility\/\" target=\"_blank\" rel=\"noopener \">Ethereum Open Interest Sees Fastest Rise In 5 Months: Brace For More Volatility?<\/a><\/div>\n<p>CrediBULL noted that while Ethereum showed some <a href=\"https:\/\/www.wncen.com\/news\/ethereum\/ethereum-open-interest-5-months-brace-volatility\/\" target=\"_blank\" rel=\"noopener \">initial signs of strength<\/a>, it failed to clear local highs during the most recent rally. This underperformance has led the analyst to believe that Ethereum may continue to struggle against Bitcoin in the short term.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Haven&#8217;t updated <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">$ETH<\/a> in a while. Has been showing considerable weakness against BTC recently (along with most alts).<\/p>\n<p>While I had hoped for a short term window of outperformance before the final drop to sub 2k it doesn&#8217;t seem like we are going to get that at this time.<\/p>\n<p>ETH\u2026 <a href=\"https:\/\/t.co\/CZJOoElHp3\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/CZJOoElHp3<\/a><\/p>\n<p>\u2014 CrediBULL Crypto (@CredibleCrypto) <a href=\"https:\/\/twitter.com\/CredibleCrypto\/status\/55790504?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">October 15, 2024<\/a><\/p><\/blockquote>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Ethereum continues to trail behind Bitcoin\u2019s ongoing recovery in price, it seems the second-largest cryptocurrency by market cap is experiencing some positive developments in the background. According to recent data from IntoTheBlock, large Ethereum holders, often called whales, have been actively accumulating Ethereum over the past month. Related Reading: Ethereum Could Target $3,400 Once It Breaks Above Bullish Pattern \u2013 Details The Quiet Accumulation Of ETH From Whales IntoTheBlock reported via its X account that Ethereum\u2019s large holder net flow has increased notably over the past 30 days. Specifically, whale wallets, which hold more than 0.1% of Ethereum&#8217;s total supply, have recorded consistent net outflows, signaling &#8220;accumulation.&#8221; According to the data, net outflows were recorded on just three days in the last month, meaning these large holders were predominantly adding to their positions. In total, over 1.7 million ETH were accumulated during this period, with 175,000 ETH purchased in the last two days alone IntoTheBlock suggests that this strong accumulation behaviour from large holders typically indicates confidence in the asset\u2019s long-term potential. Over the past 30 days, ETH whale wallets have been actively accumulating, with net outflows recorded on only three days. \ud83d\udcca The large holder netflow indicator tracks when wallets holding more than 0.1% of the total supply are buying or selling. \ud83d\udd0d In total, these wallets have\u2026 pic.twitter.com\/om1UM9tArf \u2014 IntoTheBlock (@intotheblock) October 16, 2024 Ethereum Price Performance And Outlook While large holders have been expressing confidence through their accumulation behavior, Ethereum\u2019s price appears to be gradually reflecting this phenomenon. Over the past week, Ethereum has added around 5.9% to its value, reclaiming its ground above the $2,600 price mark. In the last 24 hours, the asset has seen a slight increase of 1.3%, bringing its current trading price to $2,616, at the time of writing. Additionally, Ethereum&#8217;s daily trading volume has also increased significantly in the past week from below $14 billion last Wednesday to currently above $18 billion as of today. Amid this price performance, crypto analyst CrediBULL shared his latest outlook on Ethereum. In a post on X, the analyst expressed concerns over Ethereum\u2019s relative weakness against Bitcoin. Related Reading: Ethereum Open Interest Sees Fastest Rise In 5 Months: Brace For More Volatility? CrediBULL noted that while Ethereum showed some initial signs of strength, it failed to clear local highs during the most recent rally. This underperformance has led the analyst to believe that Ethereum may continue to struggle against Bitcoin in the short term. Haven&#8217;t updated $ETH in a while. Has been showing considerable weakness against BTC recently (along with most alts). While I had hoped for a short term window of outperformance before the final drop to sub 2k it doesn&#8217;t seem like we are going to get that at this time. ETH\u2026 pic.twitter.com\/CZJOoElHp3 \u2014 CrediBULL Crypto (@CredibleCrypto) October 15, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":648401,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[134,6664,10923,8323,1946,10336,91844,78803],"class_list":["post-648386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoin","tag-crypto","tag-crypto-market","tag-eth","tag-ethereum","tag-ethereum-analysis","tag-ethereum-market","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Whales Are Quietly Accumulating\u2014Is A Major Price Breakout Coming?<\/title>\n<meta name=\"description\" content=\"As Ethereum continues to trail behind Bitcoin\u2019s ongoing recovery in price, it seems 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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