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Ethereum Whales Accumulation soars to an All Time High in 2 Years with ETH Price trading below $1200

Ethereum Whales Accumulation soars to an All Time High in 2 Years with ETH Price trading below $1200

Ethereum’s merge with Beacon chain was completed in September this year. The chain is now due for its next upgrade called The Shanghai Upgrade, which may significantly reduce the infamous gas fee of the chain, as per industry experts’ forecast. The price of Ethereum during the Beacon chain upgrade did witness a slight spike but was later hit owing to several incidents like the Fed’s increase in the interest rate and the economic meltdown that the world has been facing since the Terra LUNA collapse. During the Merge, ETH has hit the $2000 mark. 

The largest crypto asset by market capitalization Ethereum (ETH) fell below $1200 on Friday 25, 2022. 

Source: TradingView 

According to Santiment – a crypto analytics agency, whales have amassed huge amounts of ETH, highest since 2020. They said the last rally in ETH was seen in 2020 and it resulted in a sharp spike in the value of the asset. As per the platform, investors have moved a whopping $1.3 billion worth of Ethereum in just one day. 

Ethereum’s shark and whale addresses were continuously acquiring ETH at prices less than a quarter of their all-time high levels a year ago. Between October to November 2020, these 100 to 100,000,000 ETH addresses have triggered ETH’s price to rise by a staggering 50% in just 5 weeks. 

Ethereum’s Price Pattern in the last 7 days

Ethereum Price was trading at $1,216.39 on Sunday, 0.43% higher in 24 hours, and up 3.35% in the past seven days. ETH Whales holding $10 million have added ETH 947,940 yesterday which is worth $1.03 million. However, ETH is trading at $1,173.99 with a -3.61% change. 

Read more: Ethereum Price Prediction

Santiment on Arbitrium Stablecoin 

The analytics firm noted that Arbitrum’s Tier 2 scaling solution is about to race with the second-largest crypto asset by market capitalization in terms of stablecoin usage and popularity. According to Santiment, even though stablecoin’s use on Ethereum dwarfs like Arbitrum which implies dollar-pegged virtual assets on the platform have recently doubled as their participation and use of Ethereum has increased over some time now. 

Ethereum’s value at the time of writing 

Ethereum is trading at $1,168.21 as of November 28, 2022, 11:54 IST. Currently, the market cap of ETH stands at $143,362,197,745. According to Messari.io, the total number of active addresses holding more than or equivalent to 1 Million in ETH is 6. In addition to whales accumulating humongous amounts of ETH, exchanges cumulatively received $108 million worth of ETH on November 27, 2022.

Bottomline 

Ethereum’s value has been dwindling between $1200 to $1400 for over a month now. With crypto analysts foreseeing a 50% rally with respect to the 2021 narrative where ETH whales pumped a huge amount in ETH triggering a huge spike in the asset value. This change of course could also act as a catalyst for the crypto market to consolidate since FTX has scorched the industry to an unexpected level. 

Additional Read: Ethereum Devs consider Eight Proposals for the next Hardfork 

Source: U.Today

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