The price of Ethereum has been on a steady and monumental rise in the past few weeks, and the last seven days have not been much different. The altcoin breached the $2,100 mark on Friday, November 24, with its sights now set on new yearly highs.
Interestingly, a recent on-chain revelation has shown what could be behind the latest ETH price surge while offering insights into the future prospects of the cryptocurrency.
On-Chain Data Shows Whales Continue To Buy ETH
Renowned crypto analyst Ali Martinez, in a post on X, revealed that Ethereum whales have been active in the crypto market over the past few days. According to on-chain data from Glassnode, ETH whales have been accumulating the altcoin for nine consecutive days.
Ethereum whales increase balance for nine days in a row | Source: Ali_charts/X
Notably, Martinez highlighted that this is the first 9-day accumulation spree in over nine months. Furthermore, the crypto analyst noted that “the increasing buying pressure could be a strong signal for ETH bullish price action.”
Changes in whale accumulation are often closely monitored in the cryptocurrency space because of how large crypto holders can influence the market dynamics. The steady buying pressure displayed by Ethereum whales over the past nine days suggests a growing optimism amongst this class of investors.
Another analyst offered a similar on-chain perspective to the growing accumulation by Ethereum whales. The crypto pundit revealed – via a post on X – that the 200 largest Ethereum wallets now hold a collective 62.76 million ETH (worth about $132.1 billion).
According to data provided by Santiment, this whale class has accumulated 30.3% more coins since November 21, 2022. Additionally, these 200 largest Ethereum addresses hold about 52% of Ether’s circulating supply.
Ethereum Price – Where Next?
While Ethereum’s price broke above the $2,100 mark on Friday, it has since retraced below the price level. However, there is much optimism around a continuous upward movement for ETH, especially as it still trades above the significant $2,044 resistance zone.
Many investors might want to keep an eye on the cryptocurrency’s price action by the end of the week, though. According to an analyst, a close above $2,130 on the weekly timeframe will be pivotal for Ethereum’s price trajectory.
$2,130 please is all we need to flip into support 💯 pic.twitter.com/qVw2gG66Cz
— Crypto Tony (@CryptoTony__) November 24, 2023
As of this writing, ETH is currently valued at $2,086, reflecting a negligible 0.2% in the past 24 hours. Nevertheless, the cryptocurrency has managed to maintain most of its gain on the weekly timeframe, having swelled by more than 8% in the last seven days.
Ethereum price revolves around the $2,100 mark on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from Unsplash, chart from TradingView