Ethereum (ETH) tokens have been under significant downward pressure recently, with prices rising based on momentum. If there is one group of investors who can turn this situation around for altcoins, it is the large ETH whales.
In a rather interesting turn of events, the latest on-chain data shows that this large group of investors has gone on a binge buying huge amounts of Ethereum tokens.
Whales Buy $230 Million Worth of ETH – Will It Affect Prices?
Renowned cryptocurrency analyst Ali Martinez said in a post on the X platform that some of the biggest whales have accumulated significant amounts of Ethereum over the past week. This report is based on on-chain data provided by blockchain analytics platform Santiment.
According to Martinez’s post on This increase in whale activity suggests that large investors continue to maintain faith in Ethereum despite its current struggles in terms of price-performance.
Over 100,000 ETH worth over $230 million acquired by whales in a week | Source: Ali_charts/XThis addition brings the holdings of the Ethereum whale set to over 9.5 million ETH, according to data from Santiment. This figure represents approximately 8% of the cryptocurrency’s total circulating supply, which currently stands at just over 120 million ETH.
However, this increase in buying pressure had little effect on the Ethereum token price. This means that the price of ETH has not yet reached its bottom, indicating the possibility of further declines in the near future.
This prediction is supported to some extent by reading the daily Relative Strength Index (RSI) indicator, which tracks the balance between buying and selling pressure of a token. According to data from CryptoQuant, Ethereum’s RSI value is 52, implying a neutral position.
Ethereum price overview
As of this writing, the value of the Ethereum token is currently $2,208, reflecting a 1.7% price decline over the past 24 hours. This recent downward trend further highlights the poor price performance of altcoins over the past week.
Ethereum price has fallen more than 5% over the past seven days, according to data from CoinGecko. Nonetheless, the cryptocurrency maintains its position as the second-largest cryptocurrency in its sector, with a market capitalization of approximately $266.1 billion.
Ethereum price slows down on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from Shutterstock, chart from TradingView