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ethereum has largely mirrored bitcoin in terms of price action and has yet to outperform it. on their own Over the past few months, according to price data, ethereum has gained 13% over the past seven days, outperforming bitcoin’s 5.8% rise over the same period. Behind this interesting ethereum surge are some large ethereum holders who appear to be increasing their holdings.
Notably, on-chain data from multiple analytics platforms points to an uptick in ethereum whale activity over the past few days. Notably, data from Glassnode suggests that large ethereum holders have added at least 70,000 eth to their wallets since the beginning of last week.
ethereum whales are spending a lot of money on eth
The interesting activity of ethereum whales mentioned above is revealed through the on-chain analytics platform eth-address-count-megawhale?” rel=”nofollow”>Glass nodeAs shown in the chart below, the number of ethereum wallets holding 10,000 eth or more has seen a surge over the past 24 hours, increasing to 925 wallets. This marks a gain of approximately seven new whale wallets that have accumulated a large amount of eth tokens, compared to the 918 wallets recorded on September 18.
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In support of this trend, additional data from IntoTheBlock (ITB) indicates an increase in activity from addresses holding substantial amounts of ethereum. ITB tracks these movements eth” rel=”nofollow”>through a specific metric which monitors the number and value of transactions exceeding $100,000. By this metric, ethereum whale activity has reached over $29 billion over the past seven days. While this figure represents both inflows and outflows from whale wallets, the sheer scale of these transactions is notable. Historically, such high levels of activity from large holders tend to be a bullish indicator for cryptocurrencies.
This increased activity is reinforced eth/deep-dive?group=ownership&chart=all” rel=”nofollow”>reflected in the entries of eth into the wallets of large holders. On September 23, these inflows skyrocketed to 515,520 eth, representing an impressive 440% increase compared to the 95,820 eth recorded during the previous 24-hour period.
Is it time to buy eth?
At the time of writing, ethereum is trading at $2,626. As mentioned above, this is due to a 13% increase over the past seven days, which led to ethereum outperforming its price than expected. about bitcoin for the first time Since the beginning of the year, the leading altcoin has mirrored bitcoin's movements so consistently that some analysts have questioned its potential for decoupling in the near future.
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The importance of ethereum in the cryptocurrency industry means that there are It's never a bad time to accumulate more ethethereum just surpassed $2,600 for the first time in Septemberwhich is the first step in a sustained move higher. The next key target is to break above $2,700 before the end of the month, which could pave the way for a push towards $3,000 in October.
Featured image created with Dall.E, chart from Tradingview.com
