Cryptocurrency analyst Ali Martinez has determined that Ethereum whales have been accumulating ETH for the first time in nine months for nine consecutive days. This continuous accumulation by whales reflects the overall market trend and may indicate a price increase in ETH.
The intense accumulation of ETH by whales and the increasing buying pressure on altcoins strengthens the possibility of surpassing the price of the largest altcoin. Data shows that whales now control 30% more ETH compared to a year ago, as the network expansion accelerates.
According to on-chain data provided by Santiment, the top 200 Ethereum wallet addresses held 48.2 million ETH in November 2022, while they currently control a total of 62.76 million ETH (worth $132.1 billion). It is stated that whales have accumulated 30.3 million ETH since November and hold 52% of Ethereum’s circulating supply.
Currently, ETH is trading at $2,076 with a 1.22% decrease in the last 24 hours. Technical analysis suggests that if the $2,134 level is breached, the altcoin’s price may start moving towards $2,200 and possibly $3,400. However, if the critical support level of $1,900 is breached, this optimistic view will be cancelled.
There are also significant developments regarding Ethereum’s Beacon update. Ethereum developer Tim Beiko shared a summary of this week’s ACDE meeting, stating that developers decided to launch Devnet 12 next week, as Devnet 11 was smooth except for a minor incompatibility.