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Ethereum has largely mirrored Bitcoin in terms of price action and has yet to breakout. On his own Over the past few months. According to price data, Ethereum’s price has risen by 13% in the past seven days, outpacing Bitcoin’s 5.8% increase in the same time frame. Behind this interesting increase in Ethereum are some large Ethereum holders who appear to be increasing their holdings.
It is worth noting that on-chain data from multiple analytics platforms indicates a surge in Ethereum whale activity in the past few days. In particular, Glassnode data indicates that large Ethereum holders have added at least 70,000 ETH to their wallets since the beginning of last week.
Ethereum Whales Spend Huge Amounts on ETH
The above interesting Ethereum whale activity was detected by on-chain analytics platform glass knotAs shown in the chart below, the number of Ethereum wallets holding 10,000 ETH or more has increased in the last 24 hours, rising to 925. This represents an increase of about seven new whale wallets that have accumulated a massive amount of ETH, up from 918 wallets registered on September 18.
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Supporting this trend, additional data from IntoTheBlock (ITB) indicates an increase in activity from addresses holding large amounts of Ethereum. ITB tracks these movements by a specific scale This tool monitors the number and value of transactions over $100,000. According to this metric, Ethereum whale activity has totaled over $29 billion in the past seven days. While this figure represents both inflows and outflows from whale wallets, the sheer volume of these transactions is notable. Historically, such high levels of activity by large whale holders tend to be a bullish indicator for cryptocurrencies.
This increased activity is more This was reflected in the incoming flows. ETH inflows to large cryptocurrency holders’ wallets. On September 23, these inflows rose to 515,520 ETH, a staggering 440% increase from the 95,820 ETH recorded in the previous 24-hour period.
Is it time to buy ETH?
At the time of writing, Ethereum is trading at $2,626. As mentioned earlier, this is due to a 13% increase in the past seven days, which has led Ethereum to perform better than expected. On Bitcoin for the first time Since the start of the year, the leading altcoin has mirrored Bitcoin’s moves so consistently that some analysts have questioned whether it could break away anytime soon.
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The importance of Ethereum in the crypto industry means that there is There is never a bad time to accumulate more ETH.Ethereum price just crossed $2600. First time in Septemberwhich is the first step in a continued upward move. The next major target is a break above $2,700 before the end of the month, which could pave the way for a push towards $3,000 in October.
Featured image created using Dall.E, chart from Tradingview.com
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