This article is also available in Spanish.
Ethereum has largely mirrored Bitcoin in terms of price action and has yet to break out itself a few months ago. According to price data, Ethereum has increased by 13% in the last seven days, surpassing the increase of Bitcoin by 5.8% during the same period. Behind this interesting rise of Ethereum there are large owners of Ethereum who seem to be increasing their holdings.
Notably, on-chain data from multiple analytics platforms point to an increase in activity from the Ethereum whale over the past few days. In particular, Glassnode data suggests that major Ethereum holders have added at least 70,000 ETH to their wallets since the beginning of last week.
Ethereum Whales Spend Big on ETH
The interesting Ethereum whale activity noted above was revealed through an on-chain analytics platform Glassnode. As shown in the chart below, the number of Ethereum wallets holding 10,000 ETH or more experienced an increase in the last 24 hours, increasing to 925 wallets. This shows the profit of about seven new whale wallets that have collected a large amount of ETH tokens, from the 918 wallets recorded on September 18.
Related Reading
Supporting this trend, additional data from IntoTheBlock (ITB) shows increased activity from addresses holding large amounts of Ethereum. The ITB tracks this movement by some metric which monitors the number and value of transactions over $100,000. According to this metric, Ethereum whale activity has reached more than $29 billion in the past seven days. Although this figure covers both inflows and outflows from whale wallets, the scale of these transactions is significant. Historically, such high levels of activity from major holders have often been a bullish indicator for cryptocurrencies.
This additional work is ongoing reflected in income of ETH into large holding wallets. On September 23, these revenues increased to 515,520 ETH, which represents a 440% increase compared to the 95,820 ETH recorded during the previous 24 hours.
Time to Buy ETH?
At the time of writing, Ethereum is trading at $2,626. As noted earlier, this is on the back of a 13% increase over the past seven days, making Ethereum overactive. over Bitcoin for the first time since the beginning of the year. The leading altcoin has matched Bitcoin’s movements so consistently that some analysts have questioned its ability to break even anytime soon.
Related Reading
The importance of Ethereum in the crypto industry means that there is it’s never a bad time to accumulate more ETH. Ethereum recently broke above $2,600 first in Septemberwhich is the first step in the continuous upward movement. The next key target is a break above $2,700 before the end of the month, which could pave the way for a push to $3,000 in October.
The featured image was created with Dall.E, a chart from Tradingview.com