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Market analysis firm Santiment reports that Ethereum (ETH) 
$1,587 whales are actively accumulating assets, signaling a potential recovery in the markets.
Increase in Whale Activity
Santiment announced via social media platform X that there has been a significant increase in transaction volume among Ethereum whales. This rising interest from whales gives hope for an imminent rally in this leading altcoin.
Data reveals that on October 24, there were 6,428 new Ethereum wallets created, marking the highest daily wallet openings since September 5. The rise in new wallets indicates an increasing demand for Ethereum.
Possible Market Factors
Santiment also emphasized that the overall market is experiencing heightened levels of FUD (fear, uncertainty, and doubt), and the growing interest in memecoins cannot be overlooked. The firm suggests that these two factors could contribute to a market recovery in the coming days.
“Even though Ethereum’s whale activity reached a six-week high while the price dropped to $2,380 on Friday, historically, this indicates accumulation from significant investors. While it does not guarantee a quick recovery in prices, it is encouraging,” the firm stated.
During this period, projects like Solana 
$128, Jito, Cosmos, and Jupiter have also gained attention. Meanwhile, Bitcoin 
$83,943‘s price has remained stagnant as interest in memecoins continues to rise.
If these trends persist as the weekend approaches, market participants may observe a higher level of FUD. This could indicate that the market might recover at the beginning of the week.
Current Ethereum Price and Expectations
At the time of publication, Ethereum was trading above $2,600, having gained 1.9% in the last 24 hours. The accumulation by large investors and the increase in new wallets suggest that Ethereum could appreciate in value in the short term. Considering the rising demand for memecoins, an overall market increase for Ethereum appears plausible.
Market participants can closely monitor these developments to create strategies aligned with market trends.
