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“Ethereum, the second largest cryptocurrency in the world, with a market value of $189.1 billion, is currently trading at $1,572, a 0.92% decrease in the last 24 hours. On-chain data shows that large Ethereum whales are accumulating.”
Ethereum Whales Are at Work
ETH has been under selling pressure for a while and is struggling to surpass the $1,600 resistance. However, Ethereum whales seem to be making the most of this opportunity. According to on-chain data provider Santiment, the amount of ETH in Ethereum millionaire wallet addresses has reached the highest level in the past 7 years.
Whale-level wallet addresses holding 1 million or more ETH on the Ethereum network hold 32.3% of the total supply. This signifies the first time such a significant concentration has been observed since 2016. Additionally, transactions exceeding $1 million saw the second highest daily volume in the past five weeks. Santiment reported that all these developments are a sign of a historic period for Ethereum. According to market observers, this could be an indication that Ethereum whales are preparing for a pump.
Recently, the co-founder of Ethereum, Vitalik Buterin, sending large amounts of ETH to cryptocurrency exchanges caused a lot of controversy. This situation kept ETH’s price under selling pressure for a while, but Buterin recently stated that the coin/token sales were only for charity and donations.
ETH Price Analysis
ETH’s price recently bounced from $1,533 and is currently trading at $1,572. The first obstacle in front of the largest altcoin is the 50-day Exponential Moving Average (EMA), and this obstacle makes it difficult for the $1,686 resistance to turn into support.
However, as indicated by the Relative Strength Index (RSI), there is still potential for ETH’s price recovery. The RSI is moving around the neutral zone of 50, but a certain amount of upward movement in the price can push it from the neutral zone to the bullish zone, providing a significant bullish signal. In the worst-case scenario, if the expected rise does not happen and $1,533 is broken, the price of the altcoin king could drop below $1,500.
