Ethereum Could Soar by 50% According to This Data

In the past few days, there has been a notable level of accumulation in Ethereum (ETH) holdings, as noted by blockchain analysis firm Santiment. The addresses with the most activity were those holding between 100 and 100,000 ETH; these are typically referred to as “sharks” and “whales” in the crypto space. Over the last three weeks, this group has bought up 1.9% of Ethereum’s total available supply.

The recent activity has come close to matching an ownership trend recorded in the fall of 2020- when a large number of whales and sharks accumulated 2.1% of the Ethereum supply. At that time, ETH prices spiked by 50% over the next five weeks.

🐳🦈 #Ethereum's active shark & whale addresses continue accumulating with prices less than a quarter of their #AllTimeHigh levels a year ago. In Oct/Nov 2020, these 100 to 100k $ETH addresses assisted in pushing $ETH to a +50% price rise over 5 weeks. https://t.co/v8gh4RfV7z pic.twitter.com/Oe3lTo12uj

— Santiment (@santimentfeed) November 23, 2022

If history repeats itself, it is possible that we will see the same positive development in early 2023.

The break from ETH’s sell-off pattern reinforces this possibility, particularly following another recent Santiment statistic that showed Ethereum’s largest holders – those with position sizes from 10,000 ETH to 1 million ETH – buying 947,940 ETH on Nov. 21-st.

The $1.03 billion purchase marked “the 5th largest single day add in the past year” for Ethereum.

🐳 #Ethereum's large whales (holding $10.9M to $1.09B) have added 947,940 more $ETH yesterday worth ~$1.03B. This is the 5th largest single day add in the past year. The past 4 instances, $ETH's price vs. $BTC rose an average of +3.2% the following 3 days. https://t.co/g4RdgE0Gzj pic.twitter.com/TVYkj4xVrU

— Santiment (@santimentfeed) November 21, 2022

Price Action

ETH gained 3% during today’s trading and changed hands at $1202.00.

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