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Ethereum has largely mirrored Bitcoin in terms of price action and has yet to break through on his own initiative Over the past few months, according to price data, Ethereum has increased by 13% in the last seven days, outpacing Bitcoin’s 5.8% increase over the same period. Behind this interesting Ethereum increase are large Ethereum holders who appear to be increasing their holdings.
Notably, on-chain data from several analytics platforms indicates an increase in Ethereum whale activity over the past few days. In particular, 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 Ethereum whale activity mentioned above is revealed through an on-chain analytics platform Glass nodeAs seen in the chart below, the number of Ethereum wallets holding 10,000 ETH or more has seen an increase over the past 24 hours, rising to 925 wallets. This represents a gain of about seven new whale wallets that have accumulated a huge number of ETH tokens, compared to 918 wallets recorded on September 18.
Related Readings
Additional data from IntoTheBlock (ITB) confirms this trend and indicates an increase in activity from addresses holding significant amounts of Ethereum. ITB is tracking these movements through a specific metric which tracks the number and value of transactions exceeding $100,000. By this measure, Ethereum whale activity has reached over $29 billion in the past seven days. While this figure represents both inflows and outflows from whale wallets, the magnitude 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 even more reflected in the entries ETH inflows into large holders’ wallets. On September 23, these inflows spiked to 515,520 ETH, representing an impressive 440% increase from the 95,820 ETH recorded in the previous 24-hour period.
Time to buy ETH?
At the time of writing, Ethereum is trading at $2,626. As previously noted, this follows a 13% increase over the last seven days, which explains Ethereum’s outperformance. on Bitcoin for the first time since the start of the year. The leading altcoin has mirrored Bitcoin’s movements so consistently that some analysts have questioned its potential to decouple in the near future.
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Ethereum’s importance in the crypto industry means that there is It’s never a bad time to accumulate more ETH. Ethereum just broke through $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 by Tradingview.com
