Ethereum Still Bullish: Richest ETH Wallets Go On Massive $124 Billion Buying Spree

Name	Symbol	Market	Market Cap ($)	Algorithm
Fetch	FETUSD	Crypto	2,337,356,683	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Fetch

FETUSD

Crypto

2,337,356,683

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.040	1.82%	2.24	2.24	2.25

Price Change

Price Change %

Current Price

Bid Price

Offer

0.040

1.82%

2.24

2.25

High Price	Low Price	Open Price	Prev. Close	52 Week Range
2.28	2.16	2.20	2.20	0.161000 - 3.55

High Price

Low Price

Open Price

Prev. Close

52 Week Range

2.28

2.16

2.20

0.161000 - 3.55

Exchange	Last Trade	Size	Trade Price	Currency
CRTO	08:58:55	1.70	2.24	USD

Exchange

Last Trade

Size

Trade Price

Currency

CRTO

08:58:55

1.70

2.24

USD

Price x Volume	Volume	Base Symbol	Related Pairs
2,107,769.43	951,181.99	FET	FETEUR	FETGBP	FETBTC

Price x Volume

Volume

Base Symbol

Related Pairs

2,107,769.43

951,181.99

Ethereum Still Bullish: Richest ETH Wallets Go On Massive $124 Billion Buying Spree

22/11/2023 10:45am

NEWSBTC

Ethereum whales have been bullish for a long time now, even through the stretched-out bear market of the last year, and their accumulation trends prove this. According to Santiment, the largest Ethereum wallets have been stacking up ETH at an alarming rate, suggesting that these large investors expect the price to keep going up. Ethereum Whales Buy $124 Billion Worth Of Tokens Santiment reports that the top 200 Ethereum whales have been buying ETH since November 21, 2022. This was just a few weeks after the FTX crypto exchange filed for bankruptcy, sending cryptocurrency prices across the space into a downward spiral. ETH prices would eventually fall as low as $900 and as fear grew, so did the opportunity for buying. Related Reading: Fetch AI Breakout Confirmed: Analysts Reveal Bullish Targets For FET Price However, even after prices began to recover once more, breaking above $1,000, these large investors did not reduce their buying. Santiment reveals that they continued to purchase tokens and by November 2022, these top 200 Ethereum wallets have bought up $124 billion worth of ETH. Source: Santiment on X In total, these addresses increased their holdings by a whopping 30%, and they now hold a collective 62.76 million tokens. This figure means that the top 200 Ethereum wallets now command approximately 52% of the total ETH supply. The whale buying spree has not been the only bullish development for Ethereum though as there has been a marked increase in the number of new ETH wallets that are being created. Santiment notes that on Tuesday, November 21, a total of 94,700 new wallets were created on the network, a new 4-month high. This could point to a return of interest in the ecosystem and adoption could trigger a price recovery. ETH On The Cusp Of Recovery Although the price of Ethereum has been hit hard following the news of Binance and its CEO Changpeng Zhao hitting the space hard, it has maintained a reasonable price level just below $2,000. This ensures that forecasts are still valid and the chances of recovery remain high. Related Reading: Solana Captures Institutional Investors’ Attention, Inflows Rise To $135 Million Crypto analyst FieryTrading has forecasted that the Ethereum price could cross back into the $2,350 territory soon. The analyst notes that the [rice had been on a continuous consolidation trend following the rise from $1,500 to $2,100. Given this, FieryTrading expects the altcoin to break out of its current ‘bull-flag’ as the market rallies. “Bull-flags are bullish continuation patterns, to bullish price action is the most likely result from this pattern,” FieryTrading explains. Once this breakout happens, then the analyst places the “Target at 2400$ for the coming weeks.” ETH is currently sitting at $1,996 at the time of this writing with small losses of 0.45% in the last 24 hours. It is performing better than Bitcoin which has fallen 2.24% in the same timeframe to trade at $36,480. ETH price reclaims $2,000 | Source: ETHUSD on Tradingview.com Featured image from Bitcoinist, chart from Tradingview.com

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