Ethereum’s large wallet investors have a bullish view on the altcoin. ETH whales have been steadily adding the token to their holdings over the past year. Ethereum price broke the psychological barrier at $2,000 and manages to stay above it. Popular crypto analyst Ali Martinez says increased buying pressure is a strong signal for bullishness.
Ethereum whales are accumulating, signals are on for ETH!
Ethereum’s top 200 wallets have accumulated a total of 62.76 ETH, worth $132.1 billion. According to Santiment data, whale wallet assets have increased by 30.3% since November 21, 2022. The holdings of these large wallet investors represent 52% of the altcoin’s circulating supply. Therefore, whale wallet activity is likely to have a direct impact on the price of the asset. The 94,700 new Ethereum wallets created on November 21 mark the largest increase since July 2023. Additionally, it supports the altcoin price increase narrative.
Data from on-chain analytics platform Glassnode reveals that major wallet addresses have been steadily accumulating ETH for the first time in the last nine months. Therefore, the nine-month accumulation spree is likely to strengthen the altcoin price upward trend. Because this represents increasing buying pressure from whales. The Glassnode chart below shows that both the number of whale addresses and addresses with balances of more than 10,000 ETH have seen an increase since November 14.
The altcoin broke through a key resistance zone between $1,899 and $2,052, where 4.9 million ETH wallet addresses collected 41.35 million ETH. At the time of this writing, ETH price was $2,076. According to analysts, ETH is facing minimal resistance in the area between $2,141 and $2,505. Moreover, ETH is finding strong support in the $1,899 to $2,052 area. Therefore, it is possible that consistent demand from large wallet investors could push the altcoin to new yearly highs.
Is whale accumulation a signal for altcoin?
Crypto analyst Ali Martinez also points out his whales’ large amount of token accumulation. The analyst notes that whales have been on a consistent ETH accumulation spree for nine consecutive days for the first time in nine months. Therefore, the analyst says that the increased buying pressure is a strong signal for the altcoin price to rise.
Meanwhile, ETH is down 1.22% over the last 24 hours, falling to $2,076 at the time of writing. On November 24, bulls pushed the price of Ethereum as high as $2,134 before falling. According to analysts, if it surpasses this level, the altcoin could start a march towards $2,200. In fact, this move is likely to open the door for a rally to $3,400. However, this optimistic outlook will become meaningless in the near term if the price falls below the critical support level of $1,900.
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