Ethereum Whales, Sharks Buy 561,000 ETH Tokens In Less Than 2 Days

Lavina Daryanani
Source: Pixabay

Crypto asset prices have mostly remained unchanged over the past day. Data from CoinMarketCap revealed that the aggregate value of all cryptos rose by merely 0.1% in 24 hours. Likewise, Bitcoin’s uptick amounted to merely 0.04%, while for Ethereum, the number stood at 0.3%.

Irrespective of the price monotony, market participants have been adding Ethereum to their bags. The cumulative shark and whale HODLings are now up to pre-Merge levels, thanks to the 561k tokens added between December 5 and 6.

Chalking out the monthly number, Santiment’s latest tweet noted,

“Whales and sharks are adding more Ethereum while prices fluctuate around $1,230. The key shark and whale addresses (holding 100 to 1m ETH) own two-thirds of the coin’s overall supply, adding 2.1% more collective coins to their bags in the past month.”

Source: Santiment

Also Read: Ethereum, Ripple Are Committing Securities Fraud: Michael Saylor

Parallelly, the exchange net flows are currently in red and are at a 2-week high level. The same is essentially a positive sign amid the current conditions, for it suggested that the macro accumulation trend is on.

Per data from CryptoQuant, 575.05k ETH tokens left exchanges on 7 December alone. Prior to that, as depicted below, the size of the flows wasn’t that note-worthy.

Source: CryptoQuant

Also Read: Is a 30% rise Incoming for Ethereum?

Is $1300 in sight for Ethereum?

If Ethereum continues receiving support from buyers, it’d just be a matter of time until it breaks past its immediate resistance and heads toward $1296—a level that coincides with its 50 EMA.

As depicted below, ETH has faced stiff resistance at the said price a handful of times in the recent past. In fact, data from ITB brought to light that in the price band extending from $1296 to $1483, around 3.91 million addresses have bought a total of 9.61 million ETH. So, the path to the brink of $1300 seems to be fairly clear for Ethereum, but post that, it’ll be put to test by the bears.

Source: TradingView

If the momentum flips the other way around over the next few trading sessions, then a pullback to $1.199k can be expected. If the bearish conditions persist, then $1.104k would likely be ETH’s next stop.

Also Read: Ethereum’s Shanghai upgrade confirms 1st testnet “Shandong”