Ethereum Could Soar by 50% According to This Data

Ethereum

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.

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.

Price Action

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

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