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Ethereum is very similar to Bitcoin in terms of price action and has not broken out yet. By itself Over the past few months. According to price data, Ethereum has gained 13% over the past seven days, outpacing Bitcoin’s 5.8% gain over the same period. Behind Ethereum’s interesting rise are some large Ethereum holders who appear to be increasing their holdings.
In particular, on-chain data from multiple analytics platforms indicates increased activity from Ethereum whales over the past few days. In particular, Glassnode data suggests that large Ethereum holders have added at least 70,000 ETH to their wallets since early last week.
Ethereum Whales Spend Big Money on ETH
The interesting Ethereum whale activity mentioned above was revealed through an on-chain analytics platform. Glass node. As you can see in the chart below, the number of Ethereum wallets holding more than 10,000 ETH has increased over the past 24 hours, reaching 925 wallets. This is up from 918 wallets recorded on September 18, indicating the addition of around 7 new whale wallets that have amassed a huge number of ETH tokens.
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Supporting this trend, additional data from IntoTheBlock (ITB) shows a surge of activity from addresses holding significant amounts of Ethereum. ITB tracks these movements. Through specific metrics Monitors the number and value of transactions exceeding $100,000. According to this metric, Ethereum whale activity has exceeded $29 billion over the past seven days. While this figure accounts for both inflows and outflows from whale wallets, the sheer size of these transactions is noteworthy. Historically, this high level of activity from large holders tends to be a bullish indicator for cryptocurrencies.
This enhanced activity is further reflected in the inflow ETH has been flowing into large holder wallets. On September 23, this inflow surged to 515,520 ETH, an impressive 440% increase over the previous 24 hours of 95,820 ETH.
Is it time to buy ETH?
At the time of writing, Ethereum is trading at $2,626. As mentioned earlier, this is due to a 13% gain over the past seven days, which has fueled Ethereum’s overvaluation. For the first time through Bitcoin Since the beginning of this year, leading altcoins have followed Bitcoin’s movements so consistently that some analysts have questioned whether Bitcoin could split anytime soon.
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The importance of Ethereum in the cryptocurrency industry is as follows: There is no bad time to accumulate more ETH.. Ethereum just broke $2,600. For the first time in SeptemberThis is the first step in a sustained uptrend. The next major target is to break $2,700 by the end of the month, which could pave the way for a rally to $3,000 in October.
Featured image made with Dall.E, charts from Tradingview.com