The ethereum token (eth) has been under considerable downward pressure, with its price struggling to capitalize on the recent momentum. If there is a group of investors that could reverse this altcoin situation, it is the large eth whales.
In a rather interesting turn of events, the latest on-chain data has revealed that this set of large investors has been on a buying spree, acquiring massive amounts of the ethereum token.
Whales buy $230 million worth of eth: impact on price?
Prominent crypto analyst Ali Martínez revealed, through a post on the X platform, that some of the largest whales have been accumulating significant amounts of ethereum over the past week. This report is based on on-chain data provided by blockchain analytics platform Santiment.
According Martínez's publication in X, whales (with between 1 million and 10 million eth) acquired over 100,000 eth worth over $230 million in the last seven days. This increase in whale activity suggests that large investors continue to keep their faith in ethereum, despite its current difficulties in terms of price performance.
<img decoding="async" class="aligncenter wp-image-269924 size-large" src="https://technicalterrence.com/wp-content/uploads/2023/12/Ethereum-Whales-Aim-to-Keep-Price-Afloat-Will-Latest-100000.jpeg" alt="ethereum” width=”980″ height=”533″ srcset=”https://bitcoinist.com/wp-content/uploads/2023/12/GBdV2tgX0AIhRd4.jpeg?w=2500 2500w, https://bitcoinist.com/wp-content/uploads/2023/12/GBdV2tgX0AIhRd4.jpeg?w=640 640w, https://bitcoinist.com/wp-content/uploads/2023/12/GBdV2tgX0AIhRd4.jpeg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/12/GBdV2tgX0AIhRd4.jpeg?w=980 980w, https://bitcoinist.com/wp-content/uploads/2023/12/GBdV2tgX0AIhRd4.jpeg?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2023/12/GBdV2tgX0AIhRd4.jpeg?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2023/12/GBdV2tgX0AIhRd4.jpeg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2023/12/GBdV2tgX0AIhRd4.jpeg?w=1140 1140w” sizes=”(max-width: 980px) 100vw, 980px” data-recalc-dims=”1″/>
Over 100,000 eth worth over $230 million acquired by whales in a week | Source: Ali_charts/X
As a result of this latest addition, the holdings of this set of ethereum whales increased to more than 9.5 million eth, according to data from Santiment. This figure represents around 8% of the cryptocurrency's total circulating supply, which currently sits at just over 120 million eth.
However, this increase in buying pressure has barely affected the price of the ethereum token. This suggests that the eth price may not have bottomed yet, indicating a possible further decline in the near term.
This forecast is supported to some extent by the reading of the daily Relative Strength Index (RSI) indicator, which tracks the balance between buying and selling pressure for a token. According to CryptoQuant data, ethereum's RSI value stands at 52, which implies a neutral position.
ethereum Price Overview
At the time of writing, the ethereum token is currently valued at $2,208, reflecting a 1.7% price drop in the last 24 hours. This recent downward move further emphasizes the altcoin's slow price performance over the past week.
According to data from CoinGecko, the price of ethereum has fallen by more than 5% in the last seven days. However, the cryptocurrency maintains its position as the second-largest cryptocurrency in the sector, with a market capitalization of approximately $266.1 billion.
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/otEZndhW/" alt="ethereum” width=”2174″ height=”1434″/>
ethereum price slows down on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from Shutterstock, chart from TradingView
