Will Ethereum Whales keep the price of ETH above $1K?
The market as a whole fell because of the collapse of FTX. Despite the fact that the Terra crash was survived by Bitcoin [BTC] and other assets, the market was compelled to retest previous lows. In the middle of this, rumors that Bitcoin, Ethereum (ETH), and the market as a whole were dead started to surface. Ethereum whales and sharks, on the other hand, worked to give the community newfound optimism.
Recent data compiled by the well-known on-chain analytics company Santiment showed how whale and shark addresses were siphoning off ETH. Over the previous three weeks, these Ethereum whales and sharks reportedly amassed 2% of the total supply.
Santiment added that a similar pattern had already appeared around two years prior. The aforementioned whale addresses accumulated 2.1% of the total supply in a period of five weeks, which caused Ethereum to increase by over 50%. They said,
With prices less than one-fourth of their #AllTimeHigh levels from a year ago, “Ethereum’s active shark & whale addresses continue to accumulate. These 100 to 100k $ETH addresses helped $ETH’s price increase by +50% over the course of 5 weeks in October and November 2020.
The large whales of Ethereum, who currently own ETH worth between $10.9 million and $1.09 billion, upped their holdings earlier this week. On November 22, these whales reportedly added 947,940 ETH, totaling roughly $1.03 billion. It should be emphasized that over the previous year, this was the fifth-largest single-day addition.
The community predicted that ETH’s price might increase as a result of the whales’ huge inflow of cash into the network.
How did Ethereum do this week?
At the time of publication, the price of Ethereum was $1,195, with no significant price changes. The asset gained 1.77 percent over the previous 24 hours. The asset fell to a low of $1,081.14 earlier this week. It did, however, manage to soar to a high of $1,227.84 earlier today.
Ethereum was able to maintain its value despite the fact that most assets, including Bitcoin, fell to their yearly low. The whales may be helping to push ETH’s price above $1K by increasing their holdings.