Ethereum Whales 9-Day Buying Spree Signals Imminent Price Surge
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Ethereum’s (ETH) price has steadily risen in recent weeks, reaching $2,100 on November 24. Current on-chain data has revealed what could be behind the recent ETH price surge, including insights into the prospects of ETH.
Whales ETH Accumulation Activities Continue
Ali Martinez, a prominent crypto analyst, recently revealed an active presence of whales in the Ethereum market. According to Martinez, these whales have accumulated ETH for nine consecutive days, the first such streak in over nine months.
As the analyst suggests, this surge in buying could indicate an impending bullish trend for Ethereum’s price. Since they significantly impact market dynamics, monitoring whale activity is critical in understanding the trajectory of the crypto landscape.
The consistent accumulation of Ether by whales in recent weeks suggests that these large-scale investors are becoming more optimistic about the asset’s prospects. Meanwhile, another analyst echoed Martinez’s sentiments, stating that the 200 largest Ethereum wallets collectively hold 62.76 million ETH worth approximately $132.1 billion based on the current ETH price.
According to insights from Santiment, these whales have increased their holdings by 30.3% since November 21, 2022, a sizable portion of Ether’s circulating supply at approximately 52%. Furthermore, large amounts of Ethereum have been transferred from the Bitfinex, Binance, and Coincheck exchanges in the last 30 hours.
Anonymous entities withdrew 50,000 ETH ($105,740,324), 15,000 ETH ($31,138,359), and 33,330 ETH ($68,795,390), respectively, to their cold wallets, per Whale Alert data.
Another unidentified wallet reportedly withdrew 1,498 ETH worth $3.13 million from Binance today. According to @OnchainDataNerd, this whale has amassed 4,770 ETH in a few days, signifying a consistent investment trend.
The movement indicates significant changes in Ethereum holdings among these large-scale investors.
Ether’s Price Action
Ethereum recently surpassed the $2,100 mark, indicating an upward trend in its price trajectory. However, it has since retraced slightly from this high and trades around $2,077 per CoinGecko.
Despite this minor dip, the second-largest crypto asset remains above the critical $2,044 resistance level, fueling investor optimism for its continued upward momentum. Meanwhile, analysts emphasize the significance of closing above $2,130 weekly, stating that it could dictate the path of Ethereum’s price movement in the future.
ETH has gained nearly 6% in the last seven days, demonstrating its ability to sustain significant gains over an extended period.
Ethereum Founder Mulls Staking Redesign
In a recent interview, Vitalik Buterin spoke with the Turkish community about Ethereum’s plans. Buterin primarily discussed the Ethereum roadmap, focusing on the critical topic of staking and its potential for centralization.
The Ethereum co-founder expressed concern about the existing challenges in the staking landscape, particularly on issues surrounding multiple staking pools. To address these concerns, Buterin hinted at an imminent redesign of Ethereum’s staking system, focusing on potential improvements.
Buterin’s consideration of adopting the UTxO approach, which is based on managing unspent transactions, drew attention. However, some industry participants aren’t thrilled with Ethereum’s transformation plans.
For instance, Cardano founder Charles Hoskinson remarked, “No worries, Ethereum 3 will have it all sorted.” Meanwhile, Buterin’s hint at revamping Ethereum’s staking system isn’t entirely new.
He expressed similar sentiments earlier this year, drawing criticism from Hoskinson and the Cardano community. They criticized Buterin for considering features already implemented within the Cardano network to simplify ADA staking for users.
They also claim several inconveniences are inherent in Ethereum’s staking model. Nevertheless, Buterin’s speech in Turkey highlighted Ethereum’s commitment to addressing the hurdles to a robust staking infrastructure.
However, Hoskinson’s ironic response highlights the ongoing competitive dynamics between Ethereum and Cardano in terms of staking and blockchain innovation.
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