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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Whales Are Quietly Accumulating—Is A Major Price Breakout Coming?

Samuel Edyme
Samuel Edyme
10 months ago
3 mins read
Ethereum Whales Are Quietly Accumulating—Is a Major Price Breakout Coming?

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As Ethereum continues to trail behind Bitcoin’s ongoing recovery in price, it seems the second-largest cryptocurrency by market cap is experiencing some positive developments in the background.

According to recent data from IntoTheBlock, large Ethereum holders, often called whales, have been actively accumulating Ethereum over the past month.

Related Reading

Ethereum Could Target $3,400 Once It Breaks Above Bullish Pattern – Details

Ethereum Could Target $3,400 Once It Breaks Above Bullish Pattern – Details

10 months ago

The Quiet Accumulation Of ETH From Whales

IntoTheBlock reported via its X account that Ethereum’s large holder net flow has increased notably over the past 30 days. Specifically, whale wallets, which hold more than 0.1% of Ethereum’s total supply, have recorded consistent net outflows, signaling “accumulation.”

Ethereum large holders netflow.
Ethereum large holders netflow. | Source: IntoTheBlock

According to the data, net outflows were recorded on just three days in the last month, meaning these large holders were predominantly adding to their positions.

In total, over 1.7 million ETH were accumulated during this period, with 175,000 ETH purchased in the last two days alone IntoTheBlock suggests that this strong accumulation behaviour from large holders typically indicates confidence in the asset’s long-term potential.

Over the past 30 days, ETH whale wallets have been actively accumulating, with net outflows recorded on only three days.

📊 The large holder netflow indicator tracks when wallets holding more than 0.1% of the total supply are buying or selling.

🔍 In total, these wallets have… pic.twitter.com/om1UM9tArf

— IntoTheBlock (@intotheblock) October 16, 2024

Ethereum Price Performance And Outlook

While large holders have been expressing confidence through their accumulation behavior, Ethereum’s price appears to be gradually reflecting this phenomenon. Over the past week, Ethereum has added around 5.9% to its value, reclaiming its ground above the $2,600 price mark.

Ethereum (ETH) price chart on TradingView
ETH price is moving upwards on the 2-hour chart. Source: ETH/USDT on TradingView.com

In the last 24 hours, the asset has seen a slight increase of 1.3%, bringing its current trading price to $2,616, at the time of writing. Additionally, Ethereum’s daily trading volume has also increased significantly in the past week from below $14 billion last Wednesday to currently above $18 billion as of today.

Amid this price performance, crypto analyst CrediBULL shared his latest outlook on Ethereum. In a post on X, the analyst expressed concerns over Ethereum’s relative weakness against Bitcoin.

Related Reading

Ethereum

Ethereum Open Interest Sees Fastest Rise In 5 Months: Brace For More Volatility?

10 months ago

CrediBULL noted that while Ethereum showed some initial signs of strength, it failed to clear local highs during the most recent rally. This underperformance has led the analyst to believe that Ethereum may continue to struggle against Bitcoin in the short term.

Haven’t updated $ETH in a while. Has been showing considerable weakness against BTC recently (along with most alts).

While I had hoped for a short term window of outperformance before the final drop to sub 2k it doesn’t seem like we are going to get that at this time.

ETH… pic.twitter.com/CZJOoElHp3

— CrediBULL Crypto (@CredibleCrypto) October 15, 2024

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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