Ethereum Whales Are Quietly Accumulating—Is A Major Price Breakout Coming?
2024年10月17日 - 6:00PM
NEWSBTC
As Ethereum continues to trail behind Bitcoin’s ongoing recovery in
price, it seems the second-largest cryptocurrency by market cap is
experiencing some positive developments in the background.
According to recent data from IntoTheBlock, large Ethereum holders,
often called whales, have been actively accumulating Ethereum over
the past month. Related Reading: Ethereum Could Target $3,400 Once
It Breaks Above Bullish Pattern – Details The Quiet Accumulation Of
ETH From Whales IntoTheBlock reported via its X account that
Ethereum’s large holder net flow has increased notably over the
past 30 days. Specifically, whale wallets, which hold more than
0.1% of Ethereum’s total supply, have recorded consistent net
outflows, signaling “accumulation.” According to the data, net
outflows were recorded on just three days in the last month,
meaning these large holders were predominantly adding to their
positions. In total, over 1.7 million ETH were accumulated during
this period, with 175,000 ETH purchased in the last two days alone
IntoTheBlock suggests that this strong accumulation behaviour from
large holders typically indicates confidence in the asset’s
long-term potential. Over the past 30 days, ETH whale wallets have
been actively accumulating, with net outflows recorded on only
three days. 📊 The large holder netflow indicator tracks when
wallets holding more than 0.1% of the total supply are buying or
selling. 🔍 In total, these wallets have… pic.twitter.com/om1UM9tArf
— IntoTheBlock (@intotheblock) October 16, 2024 Ethereum Price
Performance And Outlook While large holders have been expressing
confidence through their accumulation behavior, Ethereum’s price
appears to be gradually reflecting this phenomenon. Over the past
week, Ethereum has added around 5.9% to its value, reclaiming its
ground above the $2,600 price mark. In the last 24 hours, the asset
has seen a slight increase of 1.3%, bringing its current trading
price to $2,616, at the time of writing. Additionally, Ethereum’s
daily trading volume has also increased significantly in the past
week from below $14 billion last Wednesday to currently above $18
billion as of today. Amid this price performance, crypto analyst
CrediBULL shared his latest outlook on Ethereum. In a post on X,
the analyst expressed concerns over Ethereum’s relative weakness
against Bitcoin. Related Reading: Ethereum Open Interest Sees
Fastest Rise In 5 Months: Brace For More Volatility? CrediBULL
noted that while Ethereum showed some initial signs of strength, it
failed to clear local highs during the most recent rally. This
underperformance has led the analyst to believe that Ethereum may
continue to struggle against Bitcoin in the short term. Haven’t
updated $ETH in a while. Has been showing considerable weakness
against BTC recently (along with most alts). While I had hoped for
a short term window of outperformance before the final drop to sub
2k it doesn’t seem like we are going to get that at this time. ETH…
pic.twitter.com/CZJOoElHp3 — CrediBULL Crypto (@CredibleCrypto)
October 15, 2024 Featured image created with DALL-E, Chart from
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