Ethereum Whales Have Accumulated 'Millions' of ETH Tokens in 2023

Ethereum WHALES have been adding ETH tokens to their stashes, despite the humdrum market conditions. A recent Analysis tweet by IntoTheBlock revealed that Ether WHALES “are on the rise,” and so are their holdings.

The on-chain analytics platform specifically noted that large market participants currently hold 30.07 million ETH. For context, they only possessed 26.56 million tokens in the beginning of the year. This means, they’ve collectively added more than 3.51 million ETH in 2023.

Chalking out the essence of the rise in holdings, IntoTheBlock tweeted,

“The increasing holdings of addresses holding over 0.1% of the supply suggest ongoing accumulation.“

Also Read: Ethereum Yields Will Play Major Role in Next Bull Cycle: Bernstein

Leaving aside WHALES, the current macro trend doesn’t seem to be appealing. Market participants are currently exercising caution. Like shown below, there has been no major spike on the the exchange net flow chart over the past fortnight, indicating that the inflows and outflows are almost the same, nullifying the impact on the price of Ether. In fact, as shown below, price deviations have materialized in the past only when sharp increases/decreases have been registered.

Source: CryptoQuant

Also Read: Bitcoin Flips Cardano, Solana to Claim 2nd Spot in NFT Sales

In effect, the price of ETH continues to trade within a narrow band between $1.77k and $1.82k. It did attempt to break-above the upper threshold a couple of times this week, but was unsuccessful.

Going forward, if the bullish pressure intensifies, then Ethereum could head towards $1905 over the short term. However, if the momentum flips in the favor of bears, then ETH could drop down to $1693 over the next few days.

At press time, the second largest crypto asset was trading at $1815, up by 0.5% over the past day.

ETH/USDT by TradingView

Also Read: Crypto Trading Should Be Regulated Like Gambling: UK Lawmakers

  • 2023
  • ETH
  • ethereum
  • WHALES

Comments

Post a Comment

Popular posts from this blog

Dogecoin Price Prediction for Today, November 11—DOGE Technical Analysis

Image
Dogecoin (DOGE) has recently achieved a three-year high, currently trading at $0.28. The meme coin has overtaken both XRP and USDC, rising to the sixth-largest cryptocurrency by market capitalization. DOGE Key Statistics Current Price: $0.28 Market Cap: $40.58 billion Trading Volume (24h) : $18 billion Circulating Supply: 146.7 billion DOGE Total Supply: 146.7 billion DOGE CoinMarketCap Ranking: #6 DOGE’s performance has been exceptional, with a 151% increase over the past month and an impressive 84% rise in the last week alone. DOGE’s recent price action has seen it rise above $0.23, a level not seen since November 2021, and the coin now targets the $0.30 level as it maintains upward momentum. This strong momentum could put DOGE on a path to retest its all-time high of $0.7376, reached in May 2021. DOGE/USD Market Analysis Key Levels Resistance : $0.30, $0.35, $0.40 Support : $0.25, $0.22, $0.20 DOGEUSD – Daily Chart In the DOGEUSD daily chart...
Read more

Silver Trends Amid Gold's Price Hike: Why is Silver Rising?

Image
Silver is also experiencing a notable price hike amid the recent gold rush. The metal has finally broken its consolidation phase, embracing bullish momentum and pace.  Silver has long been stuck in a consolidation phase, portraying a reluctant stance on its price threshold. However, with the growing demand and the metal’s prestige growing stronger, the price of silver has finally broken past several resistance levels to reach $27.3 at press time.  Also Read: Currency Wars: Declining USD Bolsters Prospects for Gold and Silver Why is Silver Rising?  Image Source: Unsplash The financial markets around the world are undergoing a dynamic shift. With user sentiment shifting towards accumulating robust metals as a hedge against inflation, the prices of gold and silver are touching new highs.  Silver is up $27 an ounce, while gold price sits at the $2300 threshold. The demand for these metals has grown tremendously as users are now transitioning tow...
Read more

Bitcoin Loses Crucial Support, Poised For Return To $54,000 – Analyst

Image
The price of Bitcoin has maintained a consistent decline over the past week following several economic and market developments. According to data from CoinMarketCap, the premier cryptocurrency currently hovers around the $60,000 price zone, having lost over 11.17% of its market value in the last seven days. As many crypto enthusiasts may hope Bitcoin finds some stability soon, CryptoQuant analyst abramchat has predicted a reverse scenario, indicating the crypto market leader may experience more losses in the coming days. Related Reading Wondering When To Buy Bitcoin? Here Are The Levels To Watch 15 hours ago Bitcoin Price Far From Recovery?  In a Quicktake post on CryptoQuant, abramchat stated that amidst the recent market downturn, Bitcoin has now lost a vital short-term support at the $64,580 price mark, which represents the average pr...
Read more