Ethereum’s whales fuel speculation of a bullish surge as they engage in aggressive accumulation, coinciding with notable network advancements in the cryptocurrency realm.
In a recent development in the world of cryptocurrencies, Ethereum (ETH) whales have embarked on an aggressive accumulation strategy, sparking speculation among analysts about a potential bullish trend for the second-largest cryptocurrency.
Unprecedented Nine-Day ETH Accumulation Sparks Bullish Signals, Says Analyst Ali
Crypto analyst Ali has identified a significant surge in token accumulation among Ethereum whales, noting that these large holders have been consistently accumulating ETH for nine consecutive days.
This marks the first time such a prolonged accumulation spree has occurred in the past nine months. Ali suggests that this uptick in buying pressure could serve as a robust signal for a bullish trajectory in Ethereum’s price.
A closer look at on-chain data reveals that Ethereum’s giant whale addresses now control over 30% more ETH than they did a year ago. According to Santiment, the 200 largest Ethereum wallets collectively hold 62.76 million ETH, valued at an impressive $132.1 billion.
This figure represents a substantial increase from the 48.2 million ETH held in November 2022. Since November 21, 2022, these whales have accumulated 30.3% more coins, asserting control over 52% of Ethereum’s circulating supply.Furthermore, there has been a notable surge in new Ethereum wallets, with 94,700 created on November 21 alone – the highest number since July.
Bulls Propel Ethereum To $2,134 Amidst Short-Term Dip; Analysts Eye $2,200 and Potential $3,400 Rally
Despite the recent 1.22% dip in ETH’s price, currently standing at $2,076, bulls managed to drive the price to a high of $2,134 on November 24. Analysts suggest that if this level is breached, Ethereum could see a northward march towards $2,200, potentially paving the way for an ascent to $3,400. However, this optimistic outlook could be in jeopardy if the price falls below the crucial support level of $1,900 in the near term.
In tandem with these market dynamics, Ethereum is set to undergo the Dencun upgrade. Developer Tim Beiko shared insights from a recent ACDE call, indicating that Devnet 12 is slated for release next week, given the stability of Devnet 11, except for a minor peering issue between ETHJS and Lodestar.
Developers have also agreed that after Dencun goes live on Goerli, all client teams and EF DevOps will shut down their validators three months after Goerli or one month after the mainnet upgrade.
While the Ethereum network allows anyone to run a validator on Goerli, the inability to “sundown” the network emphasizes the critical role validators play in maintaining the network’s reliability and security.
As the crypto market continues to evolve, the Ethereum ecosystem’s growth and the strategic moves of its whales serve as key indicators for investors and enthusiasts alike, shaping the narrative for Ethereum’s future trajectory.