The price of ethereum has seen a steady and monumental rise over the past few weeks, and the last seven days have not been much different. The altcoin surpassed the $2,100 mark on Friday, November 24, with its sights now set on new yearly highs.
Interestingly, a recent on-chain revelation has shown what could be behind eth‘s latest price surge while also offering insight into the cryptocurrency’s future prospects.
On-Chain Data Shows Whales Continue to Buy eth
Renowned crypto analyst Ali Martínez, in a post on X, revealed that ethereum whales have been active in the cryptocurrency market over the past few days. According to on-chain data from Glassnode, eth whales have been accumulating altcoins for nine consecutive days.
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ethereum whales increase balance for nine days in a row | Source: Ali_charts/X
In particular, Martínez highlighted that this is the first wave of nine-day accumulation in more than nine months. Furthermore, the crypto analyst noted that “increasing buying pressure could be a strong signal for bullish eth price action.”
Changes in whale accumulation are often closely monitored in the cryptocurrency space due to how large cryptocurrency holders can influence market dynamics. The constant buying pressure shown by ethereum whales over the past nine days suggests growing optimism among this class of investors.
Other The analyst offered a similar perspective on the network. to the increasing accumulation by ethereum whales. The crypto expert revealed, via a post on X, that the 200 largest ethereum wallets now collectively hold 62.76 million eth (worth around $132.1 billion).
According to data provided by Santiment, this class of whales has accumulated 30.3% more coins since November 21, 2022. Furthermore, these 200 largest ethereum addresses hold around 52% of the circulating supply of Ether.
ethereum price: where next?
While ethereum price surpassed the $2,100 mark on Friday, it has since retreated below the price level. However, there is a lot of optimism surrounding a continued upward move for eth, especially as it is still trading above the important $2,044 resistance zone.
However, many investors may want to keep an eye on the cryptocurrency’s price action for the end of the week. According to one analyst, a close above $2,130 in the weekly period will be critical for ethereum‘s price trajectory.
$2,130 please is all we need to convert it to support pic.twitter.com/qVw2gG66Cz
– crypto Tony (@CryptoTony__) November 24, 2023
At the time of writing, eth is currently valued at $2,086, reflecting a paltry 0.2% in the last 24 hours. However, the cryptocurrency has managed to maintain most of its gain in the weekly period, having risen more than 8% in the last seven days.
ethereum price revolves around the $2,100 mark on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from Unsplash, chart from TradingView
