Cryptocurrency analyst Ali Martinez, who is closely followed in the field of crypto currencies, has determined that the general trend among Ethereum whales is towards accumulating a high amount of ETH. They observe that the whales have been consistently accumulating ETH for nine consecutive days for the first time in nine months.
Experienced cryptocurrency analyst Martinez emphasized that the intense accumulation of ETH by Ethereum whales and the increasing buying pressure on altcoins could be a strong signal for a rise above the price of the largest altcoin. Indeed, as network growth accelerates, data reveals that they control 30% more ETH compared to a year ago, according to data from the top whale-level wallet addresses on the chain.
Martinez’s findings are based on data provided by on-chain data platform Santiment. According to this, the top 200 Ethereum wallet addresses held 48.2 million ETH in November 2022, and currently hold a total of 62.76 million ETH worth $132.1 billion. The data shows that since November 21, 2022, the whales have accumulated 30.3 million ETH and currently control 52% of Ethereum’s circulating supply. Additionally, on November 21, 94,700 new ETH wallet addresses were created, reaching the highest number since July.
ETH is currently trading at $2,076 with a 1.22% decrease in the last 24 hours. On November 24, before the bulls fell, the price managed to reach $2,134. Technical analysis suggests that if this level is surpassed, the price of the altcoin king could start moving towards $2,200 and maybe even open the door to $3,400. This optimistic outlook will be canceled if the price falls below the critical support level of $1,900.
Positive Developments Regarding Ethereum’s Beacon Update
There are also important developments regarding Ethereum’s highly anticipated Beacon update. Ethereum developer Tim Beiko shared a brief summary of the ACDE call that took place earlier this week. According to this, the developers agreed to launch Devnet 12 next week, as Devnet 11 was mostly smooth except for a small matching issue between ETHJS and Lodestar.
The developers also decided to shut down all client teams and EF DevOps validators on Goerli three months after the deployment of the Beacon update on the test network, or one month after the completion of the mainnet upgrade.
