The Ethereum (ETH) token has been under a considerable amount of downward pressure, with its price struggling to build on recent momentum. If there is a group of investors that could turn around this situation for the altcoin, it is the large ETH whales.
In a rather interesting turn of events, the latest on-chain data has revealed that this set of large investors has been on a buying spree, purchasing massive amounts of the Ethereum token.
Whales Purchase $230 Million Worth Of ETH – Impact On Price?
Prominent crypto analyst Ali Martinez revealed – via a post on the X platform – that some of the largest whales have been accumulating significant amounts of Ethereum over the past week. This report is based on on-chain data provided by blockchain analytics platform Santiment.
According to Martinez’s post on X, more than 100,000 ETH worth over $230 million were acquired by whales (holding between 1 million and 10 million ETH) in the past seven days. This increase in whale activity suggests that the large investors continue to maintain their faith in Ethereum, despite its current struggles in terms of price performance.
Over 100,000 ETH worth over $230 million acquired by whales in a week | Source: Ali_charts/X
As a result of this latest addition, the holdings of this set of Ethereum whales climbed to more than 9.5 million ETH, according to Santiment’s data. This figure represents about 8% of the cryptocurrency’s total circulating supply, which currently stands a little above 120 million ETH.
However, this rise in buying pressure has barely impacted the price of the Ethereum token. This suggests that the ETH price might be yet to reach a bottom, indicating further potential decline in the near time.
This prognosis is somewhat supported by the reading of the daily Relative Strength Index (RSI) indicator, which tracks the balance between the buying and selling pressure of a token. According to CryptoQuant’s data, the RSI value of Ethereum stands at 52, which implies a neutral position.
Ethereum Price Overview
As of this writing, the Ethereum token is currently valued at $2,208, reflecting a 1.7% price decline in the past 24 hours. This recent downward movement further emphasizes the altcoin’s sluggish price performance over the past week.
According to data from CoinGecko, the Ethereum price has fallen by more than 5% in the last seven days. Nevertheless, the cryptocurrency maintains its position as the second-largest cryptocurrency in the sector, with a market capitalization of roughly $266.1 billion.
Ethereum price slows down on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from Shutterstock, chart from TradingView
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Opeyemi Sule
Opeyemi Sule is a passionate crypto enthusiast, a proficient content writer, and a journalist at Bitcoinist. Opeyemi creates unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi enjoys reading poetry, chatting about politics, and listening to music, in addition to his strong interest in cryptocurrency.
