The price of Ethereum has been on a steady and massive rise over the past few weeks, and the past seven days have not been much different. The altcoin surpassed $2,100 on Friday, November 24, and is now on track to hit a new yearly high.
Interestingly, recent on-chain disclosures have provided insight into the future prospects of the cryptocurrency while also revealing what is causing the latest ETH price surge.
On-chain data shows whales continue to buy ETH.
Ali Martinez, a well-known cryptocurrency analyst, wrote in a post on According to on-chain data from Glassnode, ETH whales have been accumulating altcoins for nine consecutive days.
Ethereum whales increase balance for nine days in a row | Source: Ali_charts/X
In particular, Martinez emphasized that this was the first consecutive nine-day accumulation in more than nine months. Additionally, the cryptocurrency analyst pointed out that “increasing buying pressure could be a strong signal for bullish price action in ETH.”
Changes in whale accumulation are often closely monitored in the cryptocurrency space because of how much large cryptocurrency holders can influence market dynamics. The steady buying pressure shown by Ethereum whales over the past nine days suggests growing optimism among these investors.
Another analyst offered a similar on-chain perspective on the increased accumulation of Ethereum whales. The 200 largest Ethereum wallets currently hold a total of 62.76 million ETH (worth approximately $132.1 billion), the cryptocurrency expert said in a post by
According to data provided by Santiment, this whale class has accumulated 30.3% more coins since November 21, 2022. Additionally, these 200 largest Ethereum addresses hold approximately 52% of the circulating supply of Ether.
Ethereum Price – Where Next?
Ethereum price topped $2,100 on Friday, but has since retreated below that level. However, there is a lot of optimism about ETH’s continued upward movement. Especially since ETH is still trading above the significant $2,044 resistance area.
However, many investors will want to keep an eye on the cryptocurrency’s price action through the end of this week. According to analysts, a close above $2,130 in the weekly period would be pivotal for Ethereum’s price trajectory.
Please support just $2,130 💯 pic.twitter.com/qVw2gG66Cz
— Crypto Tony (@CryptoTony__) November 24, 2023
As of this writing, the value of ETH is currently $2,086, reflecting a negligible 0.2% gain over the last 24 hours. Nonetheless, the cryptocurrency has maintained most of its weekly gains, rising more than 8% over the past seven days.
Ethereum price revolves around the $2,100 mark on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from Unsplash, chart from TradingView