The crypto markets are raising significantly in the past couple of days as the Bitcoin price sustains above $16,500 for nearly 48 hours. Besides, Ethereum’s price also manifested some strength and rose above $1200 with a more than 3% jump in the past 24 hours. While the bulls are preparing for a notable upswing, the whales are gulping up the second-largest crypto at a greater pace.
A well-known on-chain platform Santiment shared a recent report where-in whales are seen accumulating huge ETH, marking levels that were not witnessed since 2020. The platform believes that the ‘deep-pocketed Ethereum investors are gathering the token at the highest rate, recorded in recent times.
As per the analytical platform, the last accumulation at this level happened in 2020 which further led the price to rise by more than 50% within a month.
“Ethereum’s active shark and whale addresses continue accumulating with prices less than a quarter of their all-time high levels a year ago. In Oct/Nov 2020, these 100 to 100,000,000 ETH addresses assisted in pushing ETH to a +50% price rise over 5 weeks,”
A few days ago, a similar accumulation was recorded where-in ETH whales were seen grabbing nearly $1.03 billion worth of ETH in just 24 hours. This was one of the biggest accumulations and the 5th latest single-day purchase in the past year.
Therefore, this may impact the ETH price rally in the coming days as the asset is within the recent recovery range. Collectively, Bitcoin & Ethereum prices have entered a bullish zone after a pretty long time. If the buyers manage to hold the price above the crucial support level of $1190, then the upward trend may continue.
Moreover, a bullish breakout beyond the pivotal resistance at $1,240 may ignite a firm upswing in the coming days that could lift the price beyond $1300.