Ethereum whales have been strong for a long time, even through a prolonged bear market last year, and their accumulation trend proves this. According to Santiment, the largest Ethereum wallets have been accumulating ETH at an alarming rate, suggesting that these large investors expect the price to continue rising.
Ethereum whales buy $124 billion worth of tokens
Santiment reported that the top 200 Ethereum whales have purchased ETH since November 21, 2022. This came just weeks after the FTX cryptocurrency exchange filed for bankruptcy and sent cryptocurrency prices on a downward trend. The price of ETH eventually fell to $900, and as fears grew, so did buying opportunities.
However, even after the price began to recover once again and surpassed $1,000, these large investors did not reduce their purchases. Santiment continued to purchase tokens, and by November 2022, the top 200 Ethereum wallets had purchased $124 billion worth of ETH.
Source: Santiment on X
Collectively, these addresses’ holdings have increased by a whopping 30% and now hold a total of 62.76 million tokens. This figure means that the top 200 Ethereum wallets currently account for approximately 52% of the total ETH supply.
Whale buying activity wasn’t the only bullish development for Ethereum, but it did lead to a noticeable increase in the number of new ETH wallets being created. Santiment said a total of 94,700 new wallets were created on the network on Tuesday, November 21, the highest in four months. This could mean a return of interest in the ecosystem, and adoption could trigger a price recovery.
ETH on the verge of recovery
Although the price of Ethereum has fallen significantly due to bullish news from Binance and Ethereum CEO Changpeng Zhao, it remains at a reasonable price level of just over $2,000. This ensures that forecasts remain valid and recovery remains highly likely.
Crypto analyst FieryTrading predicts that the Ethereum price could soon return to the $2,350 area. The analyst noted that rice prices were in a continued consolidation trend after rising from $1,500 to $2,100. Given this, FieryTrading expects altcoins to break out of their current ‘bullet’ as markets rebound.
“The bull flag is a bullish continuation pattern. Bullish price action is most likely the result of this pattern,” explains FieryTrading. If such a breakout occurs, the analyst sets a “target of $2400 for the next few weeks.”
At the time of this writing, ETH is currently sitting at $1,996, with a slight loss of 0.45% over the last 24 hours. It is performing better than Bitcoin, which traded at $36,480, down 2.24% during the same period.
ETH price reclaims $2,000 | Source: ETHUSD on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com