The second largest cryptocurrency, Ethereum (CRYPTO: ETH), traded lower on Friday, falling below the $1,200 level, before bouncing back above the key level early Sunday.
According to Santiment, Ethereum whales are accumulating the cryptocurrency at the highest rate since 2020.
Santiment said the last accumulation at this scale happened in 2020. At that time, it sparked an ETH rally which saw the price rise by 50%.
Last week, ETH whales moved a massive $1.03 billion worth of Ethereum in just one day.
Also Read: This Crypto Analyst Says Ethereum Pullback Is About To End, Here’s Why
According to Santiment, last week’s accumulation was the fifth-largest single-day add by the largest group of whales in the past year.
Earlier in September, the Ethereum blockchain completed The Merge to Proof-of-Stake. The ETH Foundation estimates that the shift will bring about a 99.95% reduction in energy consumption.
Price Check: On Sunday, Ethereum was trading at $1,216.39, 0.43% higher in 24 hours, and up 3.35% in the past seven days.
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