Ethereum May Rally 50% Next Week as This Data Shows, Here’s What’s Known
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The price of ETH gets a serious boost as a large investor pile-up is revealed
- Great Whale Alert
- Ethereum (ETH) price action
According to the cryptanalytic portal Holy, recent days have seen plenty of Ethereum. The most active were the addresses with 100-100,000 ETH on their balance sheets, which are called sharks and whales in the crypto space. In the past three weeks alone, this group of investors has reportedly bought 1.9% of the total Ethereum supply.
🐳🦈 #Ethereumn’s active shark & whale addresses continue to accumulate and prices are less than a quarter of their prices #Highest of all time level a year ago. In October/November 2020, these 100–100,000 $ETH addresses helped push $ETH +50% price increase in 5 weeks. https://t.co/v8gh4RfV7z pic.twitter.com/Oe3lTo12uj
— Santiment (@santimentfeed) November 23, 2022
Previously, similar activity was seen in the fall of 2020, when these sharks and whales collected 2.1% of Ethereum’s supply. At that time, the price ETH rose 50% over the next five weeks. If history tends to repeat itself, it is possible that by the beginning of 2023 the price of ETH will experience an equally positive trend.
Great Whale Alert
An indirect confirmation could be recent statistics from the same Santiment, as reported U. Today. According to it, Monday November 21 was one of the biggest buying days for Ethereum in the last calendar year. Major altcoin holders spent over $1 billion on purchases and put 947,940 ETH into their wallets.
Ethereum (ETH) price action
The Ethereum price action itself is more of a recovery. After the previous two weeks of decline, in which the price of ETH lost almost 28% of its value, this week progressed with a modest gain of 5.1%.