Major wallet investors on the Ethereum Blockchain have raised 3.5 million ETH to add to their holdings of 28.55 million. According to data from Santiment, whales continue to accumulate ETH. Meanwhile, analysts say that the altcoin price is in the buy zone near the $1,300 level.
Ethereum whales are wildly accumulating ETH
Major wallet investors on the Ethereum network have received large amounts of altcoins. Over the past month, whales holding a million or more ETH have collectively accumulated 3.5 million more Ethereum. Ethereum whale addresses have started accumulating ETH since September 11, according to data from crypto intelligence tracker Santiment. Major wallet addresses holding a million or more Ethereum have collectively added 3.5 million more ETH to their portfolios. There are currently 132 addresses acting this way.
The latest round of Ethereum accumulation marks a 14% increase in Ethereum holdings of whales with a billion-dollar portfolio. Whale wallets have cumulative assets of around $36 billion at the time of writing. In other words, it reached an all-time high with 28.55 million ETH.
Santiment previously reported that Ethereum sharks and whales holding 100 to 1 million ETH tokens are selling their assets. The redistribution trend started shortly after Ethereum’s transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). However, analysts are bullish on ETH despite its sharp fall post-Merge. Thus, the altcoin made a comeback above the $1,200 level.
Analysts believe the altcoin project is in the accumulation phase
cryptocoin.comAs you follow, the altcoin price has remained largely unchanged in the last thirty days. Analysts often consider whale redistribution trends and accumulation as bullish signals for an asset. Another important indicator is the performance of the network in generating fees. This indicator also reached its highest level in a month. According to analysts, these factors are likely to push the altcoin price higher.
At press time, ETH is trading at $1,330, up 1.4% on a daily basis. Ethereum gained 3.64% on a weekly basis. Analysts also evaluated the Ethereum price trend. As a result, they estimate the asset is in the accumulation phase near the $1,300 level. According to them, Ethereum is stepping into the “buy zone” while recovering from the downtrend. A crypto analyst nicknamed BitQueen says this is an ideal time to buy ETH.
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