According to analytics firm Santiment, whales are quietly pouncing on Ethereum as the crypto market meanders
The largest Ethereum whales in existence are piling up ETH as the asset’s price continues to tick down.
The cryptanalyst firm Santiment says that Ethereum’s top 10 addresses rose from just 18.46% of total Ethereum supply after mid-May – when ETH hit its all-time high – to 20.58% by July 13th.
For these top 10 addresses, this is the highest ETH ownership share since May 2017, according to Santiment.
The analytics firm says the gathering of stakeholders bodes well for Ethereum’s potential price rebound.
“This graph shows that the largest stakeholders continue to pile up as prices have fallen more than 50% from their AllTimeHigh levels. It is a vote of confidence that prices can and will recover at some point. “
Santiment also notes that miners’ balances have grown steadily over the past month, a sign that the people who run the network are reluctant to sell.
Ethereum is trading at $ 1,954.02 at the time of writing and has fallen more than 8% over the past week, according to CoinGecko.
Santiment says if ETH can hold above $ 1,800 it has a chance to test the “resistance trendline” at $ 2,200.
“The price movement of ETH continues to trend downwards, although it is now holding onto a very important support. Bulls have to step in really soon (at least for an upswing) or the bears will continue their downtrend.
On-chain metrics are showing some positive signs, but it’s too early to tell if we’ve bottomed out. “
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Featured image: Shutterstock / Dai Mar Tamarack
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