Big Players Are Making Moves
Ethereum has been following Bitcoin’s lead in price action for a while now, but things might be changing. In the last week, Ethereum has surged by 13%, outperforming Bitcoin’s 5.8% gain. And it seems like some big-time Ethereum holders are behind this move.
Data from on-chain analytics platforms shows a spike in activity from Ethereum whales. These are the folks holding huge amounts of ETH. In the past few days, these whales have added at least 70,000 ETH to their wallets.
Whale Activity Is Heating Up
One platform, Glassnode, shows a big jump in the number of Ethereum wallets holding 10,000 ETH or more. This number has climbed to 925 wallets, adding about seven new whale wallets in the last 24 hours.
Another platform, IntoTheBlock, tracks transactions over $100,000. They’ve seen a surge in activity from addresses holding large amounts of Ethereum. In the last week, these transactions have totaled over $29 billion.
What Does This Mean for Ethereum?
Historically, when big players like these whales get active, it’s often a good sign for the cryptocurrency. And this recent activity is definitely worth noting.
Should You Buy Ethereum?
Ethereum is currently trading at $2,626, after its recent surge. It’s the first time it’s broken through $2,600 this month. Some analysts believe this could be the start of a sustained upward move. They’re looking for Ethereum to break above $2,700 before the end of September, which could lead to a push towards $3,000 in October.
Ethereum is a major player in the crypto world, so it’s always a good idea to have some ETH in your portfolio. Whether this recent whale activity is a sign of things to come remains to be seen, but it’s definitely something to keep an eye on.
