On-chain data shows that ethereum whales have recently staged a significant accumulation wave, a signal that could be bullish for the eth price.
ethereum whales have recently added 200,000 eth to their holdings
As explained by analyst Ali Martinez in a new article x.com/ali_charts/status/1828114433278984337″ target=”_blank” rel=”noopener nofollow”>mail On x, eth whales have been buying en masse recently. The term “whales” refers to ethereum investors who hold between 10,000 and 100,000 eth in their wallets.
At the current cryptocurrency exchange rate, the lower limit of this range is equivalent to $26.4 million, while the upper limit is $264 million. Holders of this cohort would be among the largest on the market.
Generally, the influence of any address on the network increases the more coins it holds, so whales, with their huge holdings, can be considered an important part of the ecosystem.
For this reason, it is worth paying attention to their behavior, since, although it does not always directly affect the asset, it can inform us about the sentiment of these huge operators.
Now, here is the chart shared by the analyst showing the trend in the combined balance held by ethereum investors large enough to qualify as whales:
<img decoding="async" class="alignnone aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/08/ETH-whales-show-530-million-in-purchases.jpeg" alt="ethereum Whale Balance” width=”4000″ height=”2250″/>
The value of the metric appears to have shot up in recent days | Source: x.com/ali_charts/status/1828114433278984337/photo/1" target="_blank" rel="noopener nofollow">@ali_charts on x
As seen in the chart above, ethereum investors holding between 10,000 and 100,000 eth have been increasing their total balance since the early August crash.
This suggests that these massive investors have seen recent prices as profitable entry points for the cryptocurrency. Interestingly, there has been a particularly intense buying spree over the past few days, as can be seen from the sudden surge on the chart.
Whales have added over 200,000 eth (nearly $530 million) to their combined holdings with this latest accumulation surge, a remarkable amount.
Since this surge in the indicator occurred when eth managed to rally, perhaps whales saw the surge as confirmation that there is more bullish action to come, so they decided to bet more on the asset.
But of course, it remains to be seen whether this bet by ethereum whales would work and the price of eth would see an increase from here or not.
Either way, the metric will be monitored soon, as any change could indicate where these investors' confidence is headed. A drop would naturally imply that whales are losing hope in the asset.
eth Price
ethereum had surpassed the $2,800 mark just a few days ago, but the coin seems to have experienced a pullback as it is now back around $2,640.
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Looks like the price of the asset has slipped down over the last few days | Source: x/ddh67UKu/" target="_blank" rel="noopener nofollow">ETHUSD on TradingView
Featured image by Dall-E, CryptoQuant.com, chart by TradingView.com
