Ethereum Whales’ Buying Spree Sparks ETH’s Price Surge

• Ethereum’s price surged past $2,100, signaling a bullish momentum in the market.
• On-chain data reveals consistent accumulation by Ethereum whales for nine consecutive days.
• The top 200 Ethereum wallets now collectively hold over 62 million ETH, showing a significant increase in holdings since November 21, 2022.

Ethereum (ETH) has surged past the significant milestone of $2,100. A recent revelation from on-chain data has shed light on a potential catalyst behind this latest price surge of ETH, offering insights into the cryptocurrency’s future prospects. 

Read CRYPTONEWSLAND on google news

Renowned crypto analyst Ali Martinez, in a post on X, unveiled a trend of consistent accumulation by Ethereum whales over the past nine consecutive days. This sustained purchasing spree by significant holders of ETH has been notably absent for over nine months, signaling a renewed bullish sentiment among these major investors.

Further enhancing this narrative, another analyst revealed through a post on X that the top 200 Ethereum wallets collectively hold over 62 million ETH, a staggering increase in holdings since November 21, 2022. This data, sourced from Santiment, underscores a significant 30.3% surge in accumulation by this influential whale class, who now collectively account for approximately 52% of Ether’s circulating supply.

The impact of these whale activities on Ethereum’s price trajectory remains palpable. Although the price momentarily retraced below $2,100 post-surge, the cryptocurrency is still trading above the critical resistance level of $2,044. A

At the time of this writing, Ethereum is valued at $2,086, reflecting a marginal 0.2% change in the past 24 hours. Despite this minor fluctuation, Ethereum has managed to retain most of its gains over the week, exhibiting an impressive surge of over 8% in the last seven days.

Read also:

• NFT Market on Dumping Spree With Massive BAYC Shorts
• Koreans on Aptos Buying Spree Amid 130% Price Surge
• Bitcoin Accumulation Surges at $30,200, Signaling Potential Big Move
• Bitcoin Surges Past $27K: Can It Sustain the Bull Run?
• Shiba Inu Sees Nearly 12% Surge: Is $0.01 Within Reach?