{"id":106792,"date":"2021-01-01T11:10:17","date_gmt":"2021-01-01T11:10:17","guid":{"rendered":"https:\/\/precoinnews.com\/?p=106792"},"modified":"2021-01-01T11:10:17","modified_gmt":"2021-01-01T11:10:17","slug":"analytics-firm-reveals-that-whales-are-starting-to-accumulate-ethereum","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/altcoins\/analytics-firm-reveals-that-whales-are-starting-to-accumulate-ethereum\/","title":{"rendered":"Analytics Firm Reveals That Whales are Starting to Accumulate Ethereum"},"content":{"rendered":"<ul>\n<li>Ethereum has seen some turbulence throughout the past day thanks to its close correlation with Bitcoin<\/li>\n<li>While ETH was able to set a fresh post-2017 high yesterday evening, it lost its momentum and has since slid lower<\/li>\n<li>It is still showing some signs of strength, however, and where it trends in the mid-term will undoubtedly depend on Bitcoin<\/li>\n<li>Despite some uncertainty regarding its short-term outlook, so-called \u201cwhales\u201d appear to be confident that upside is imminent<\/li>\n<li>Data from an analytics firm shows that this body of investors is starting to accumulate the cryptocurrency<\/li>\n<li>In total, there are now 39 more addresses holding 10,000+ ETH than there were just two months ago<\/li>\n<li>This is a sign that large buyers are beginning to take larger stakes in the cryptocurrency<\/li>\n<\/ul>\n<p>Ethereum is currently in the process of sliding lower following a rejection in the mid-$750 region seen last night.<\/p>\n<p>The selling pressure here was quite significant, and Bitcoin\u2019s rejection around $29,000 created an additional headwind for the cryptocurrency.<\/p>\n<p>Although its price action has been somewhat lackluster over the past few days, there\u2019s still a strong possibility that upside is imminent for ETH, as so-called \u201csmart money\u201d appears to be accumulating it at a rapid pace.<\/p>\n<h2><strong>Ethereum Slides Lower Alongside Bitcoin<\/strong><\/h2>\n<p>At the time of writing, Ethereum is trading down just over 3% at its current price of $730. This marks a notable decline from its recent highs of $755 that were set yesterday evening.<\/p>\n<p>These highs came about in tandem with Bitcoin\u2019s surge up to $29,000, but the rejection here was grave and caused the entire market to drift lower.<\/p>\n<p>Where ETH trends in the mid-term will undoubtedly depend largely on whether or not BTC and the rest of the market can rebound and slow its descent.<\/p>\n<h2><strong>Data Reveals that Whales are Rapidly Accumulating ETH<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>One analytics platform explained in a recent tweet that the number of Ethereum wallets holding over 10,000 Ethereum has been on the rise over the past two months, pointing to an ongoing accumulation trend.<\/p>\n<p>This accumulation has not had any serious impacts on its price action but may be emblematic of a growing trend.<\/p>\n<blockquote>\n<p>\u201cWith ETH crossing $750 for the first time in 31 months, we&#8217;ve discovered that there are 39 more Ethereum addresses holding 10,000+ ETH compared to just 2 months ago. Meanwhile, the amount of addresses holding 1-10,000 ETH have shrunk over this time.\u201d<\/p>\n<\/blockquote>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2020\/12\/EqiFCpeVQAATSfj-980x593.jpg\"><\/p>\n<pre>Image Courtesy of Santiment.<\/pre>\n<p>It may take a few weeks to understand this trend&#8217;s impact and longevity, but it is a bullish sign for Ethereum\u2019s near-term outlook.<\/p>\n<pre>Featured image from Unsplash.\nPricing data from TradingView.<\/pre>\n<p>Source: <a href=\"https:\/\/bitcoinist.com\/analytics-firm-reveals-that-whales-are-starting-to-accumulate-ethereum\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum has seen some turbulence throughout the<\/p>\n","protected":false},"author":3,"featured_media":106791,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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