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Ethereum has closely mirrored Bitcoin in terms of price action and has yet to break out on its own over the past few months. According to recent price data, Ethereum has risen by 13% in the past seven days, outpacing Bitcoin’s increase of 5.8% over the same period. Behind this notable increase in Ethereum are some substantial Ethereum holders who seem to be expanding their holdings.
Ethereum Whales Spend Big On ETH
Significant Ethereum whale activity has been identified through on-chain analytics platform Glassnode. As illustrated in the corresponding chart, the number of Ethereum wallets holding 10,000 ETH or more has seen an uptick in the last 24 hours, climbing to 925 wallets. This indicates the addition of about seven new whale wallets that have accumulated vast amounts of ETH tokens, up from 918 wallets recorded on September 18.
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Further supporting this trend, additional data from IntoTheBlock (ITB) shows increased activity from addresses holding substantial amounts of Ethereum. ITB tracks these movements through a specific metric that monitors the number and value of transactions exceeding $100,000. According to this metric, Ethereum whale activity has surged to over $29 billion in the past seven days. Although this figure includes both inflows and outflows from whale wallets, the sheer scale of these transactions is significant. Historically, high activity levels from large holders are often a bullish indicator for cryptocurrencies.
This increased activity is also reflected in the inflows of ETH into large holder wallets. On September 23, these inflows soared to 515,520 ETH, representing an impressive 440% spike compared to the 95,820 ETH recorded during the previous 24-hour period.
Time To Buy ETH?
Currently, Ethereum is trading at $2,626. As mentioned earlier, this is following a 13% increase in the past seven days, marking Ethereum’s outperformance over Bitcoin for the first time this year. The leading altcoin has mirrored Bitcoin’s movements so consistently that some analysts have questioned its potential for decoupling anytime soon.
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Given Ethereum’s significance in the crypto industry, there’s arguably never a bad time to accumulate more ETH. Ethereum recently broke above $2,600 for the first time in September, marking the first step in a sustained move to the upside. The next key target is to surpass $2,700 before the end of the month, which could pave the way for a surge toward $3,000 in October.
ETH price at $2,600 | Source: ETHUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
