Ethereum has rallied above $1400 today as on-chain data shows ETH sharks have been busy piling up recently.
Ethereum Shark addresses have grown by 3,000 in the last two months
According to the data of the on-chain analysis company Holythe current number of shark addresses on the market is the highest since February 2021. The relevant indicator here is the “ETH Supply Distribution”, which tells us which coin groups have how many wallets.
These currency groups are ranges that define the number of currencies addresses currently have in a particular group. For example, the cohort from 1 to 10 coins includes all wallets that have at least one and a maximum of 10 ETH. The supply distribution metric for this group would track the total number of addresses that fall within this range.
In the context of the current topic, the coin pool of interest is the 100-10,000 coin cohort (which is made up of two separate groups, 100-1,000 coins and 1,000-10,000 coins, just merged). Now here is a chart showing the supply distribution data for this group of Ethereum coins:
It seems that the value of this metric has observed an upward trend in recent weeks | Font: Santimento on Twitter
The lower and upper limits of this coin pool become around $140,000 and $14 million. Ethereum investors who have amounts in this range are called sharksand although they are not as crucial as the Whalesmovements of these headlines may still have significant market implications.
As shown in the chart above, Ethereum sharks made a profit during September and October of last year, as their total number of addresses dropped to a low. However, in the last few months, the accumulation has occurred rapidly in the market, as 3000 new shark addresses have been created on the network.
ETH has been meeting in recent days as these sharks have been piling up, and for now, these investors are showing no signs of stopping either. The total number of households belonging to this cohort is 48,556, the highest level recorded by the indicator since February 2021, almost two years ago.
If these sharks move in here and take some profit while prices are high, the rally could lose steam and end. However, if these investors sustain this accumulation, it would be a bullish sign for Ethereum, and the rally could continue.
ETH price
As of this writing, Ethereum is trading around $1,400, up 12% in the past week.
The value of cryptocurrencies seems to have increased considerably in the last few days | Font: ETHUSDT on TradingView
Featured Image by Gerald Schömbs on Unsplash.com, Charts from TradingView.com, Santiment.net
