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Cryptocurrency analysts have detected a large accumulation of tokens by Ethereum (ETH) whales. It has been observed that whales tend to accumulate stable ETH for nine consecutive days for the first time since early 2023.
Whales Start Collecting Ethereum
Analysts believe that increased buying pressure could be a strong signal for a rise in ETH prices.
#Ethereum | For the first time in 9 months, whales have been on a steady $ETH accumulation spree for 9 consecutive days.
The increasing buying pressure could be a strong signal for #ETH bullish price action. pic.twitter.com/d7r0O21Ef4
— Ali (@ali_charts) November 24, 2023
As network growth accelerates, Ethereum big whale addresses control 30% more ETH than a year ago, according to on-chain data.
According to Santiment, the top 200 Ethereum wallets currently contain a total of 62.76 million ETH, worth $132.1 billion, up from 48.2 million in November 2022.
Since November 21, 2022, they have raised 30.3% additional coins and currently control 52% of Ethereum's circulating supply.
Additionally, 94,700 new ETH wallets were created on November 21, the highest number since July 1.
ETH fell 1.22% in the last 24 hours, falling to $2,080 at the time of writing. On November 24, bulls pushed the price of Ethereum as high as $2,134 before falling. If this level is exceeded, ETH may rise towards $2,200.
*This is not investment advice.