Ethereum Still Bullish: Richest ETH Wallets Go On Massive $124 Billion Buying Spree
22 November 2023 - 11:45AM
NEWSBTC
Ethereum whales have been bullish for a long time now, even through
the stretched-out bear market of the last year, and their
accumulation trends prove this. According to Santiment, the largest
Ethereum wallets have been stacking up ETH at an alarming rate,
suggesting that these large investors expect the price to keep
going up. Ethereum Whales Buy $124 Billion Worth Of Tokens
Santiment reports that the top 200 Ethereum whales have been buying
ETH since November 21, 2022. This was just a few weeks after the
FTX crypto exchange filed for bankruptcy, sending cryptocurrency
prices across the space into a downward spiral. ETH prices would
eventually fall as low as $900 and as fear grew, so did the
opportunity for buying. Related Reading: Fetch AI Breakout
Confirmed: Analysts Reveal Bullish Targets For FET Price However,
even after prices began to recover once more, breaking above
$1,000, these large investors did not reduce their buying.
Santiment reveals that they continued to purchase tokens and by
November 2022, these top 200 Ethereum wallets have bought up $124
billion worth of ETH. Source: Santiment on X In total, these
addresses increased their holdings by a whopping 30%, and they now
hold a collective 62.76 million tokens. This figure means that the
top 200 Ethereum wallets now command approximately 52% of the total
ETH supply. The whale buying spree has not been the only bullish
development for Ethereum though as there has been a marked increase
in the number of new ETH wallets that are being created. Santiment
notes that on Tuesday, November 21, a total of 94,700 new wallets
were created on the network, a new 4-month high. This could point
to a return of interest in the ecosystem and adoption could trigger
a price recovery. ETH On The Cusp Of Recovery Although the price of
Ethereum has been hit hard following the news of Binance and its
CEO Changpeng Zhao hitting the space hard, it has maintained a
reasonable price level just below $2,000. This ensures that
forecasts are still valid and the chances of recovery remain high.
Related Reading: Solana Captures Institutional Investors’
Attention, Inflows Rise To $135 Million Crypto analyst FieryTrading
has forecasted that the Ethereum price could cross back into the
$2,350 territory soon. The analyst notes that the [rice had been on
a continuous consolidation trend following the rise from $1,500 to
$2,100. Given this, FieryTrading expects the altcoin to break out
of its current ‘bull-flag’ as the market rallies. “Bull-flags are
bullish continuation patterns, to bullish price action is the most
likely result from this pattern,” FieryTrading explains. Once this
breakout happens, then the analyst places the “Target at 2400$ for
the coming weeks.” ETH is currently sitting at $1,996 at the time
of this writing with small losses of 0.45% in the last 24 hours. It
is performing better than Bitcoin which has fallen 2.24% in the
same timeframe to trade at $36,480. ETH price reclaims $2,000 |
Source: ETHUSD on Tradingview.com Featured image from Bitcoinist,
chart from Tradingview.com
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