The ethereum network is facing a stream of whales that has historically preceded bull runs. Data from Santiment shows that the price movements of the largest altcoin project by market cap are correlated with the number of whales holding 10,000 or more ETH.
Ethereum price heats up as more than 60 whales carry over 10,000 ETH
For example, in September 2020, when such large whales started buying ETH, the price increased by 1300%. This was followed by a sell-off by the same group of ETH investors in May 2021, resulting in a 62 percent drop in price. The data reveals that like other networks, the Ethereum network is dependent on whales for the ETH price to rise.
60 altcoin whales join Ethereum network
ETH Since the price of . is correlated with the number of whales holding 10,000 or more ETH, an increase in the number of whales may indicate the start of a new bull run. According to Ali Martinez, whose analysis we shared as Kriptokoin.com, 60 whales will enter the network in 2022, “marking the beginning of a new bull run”.
This is hardly surprising given Ethereum’s recent appeal to investors. Above all, the network has a lot to offer as the leading Blockchain for smart contracts and Dapps. These are just two of the numerous components of Ethereum that are widely used in everyday life. As a result, experts and network advocates consider ETH to be significantly underestimated.
Another reason for the increase in whales could be Ethereum’s desire to switch to Proof-of-Stake. Although the transition has been delayed many times, it is clear that the network will become significantly more competitive once completed. Developers and regular users alike are looking forward to the change that will lower gas prices, speed up transactions, and increase the price of ETH as more people use the network.
13 altcoin whales have joined the Ethereum network again
Thirteen whales with more than 10,000 ETH have entered the network in the last few days. Since March 14, the number of such wallets has increased by 4%.
Ethereum (ETH) analysis
Current market The decline resulted in a brief recovery that held Ethereum price above $3,000. This may be due to a whale invasion, but we have no way of knowing if this will continue. Other major cryptocurrencies have also turned green, suggesting that the market is about to start a fresh uptrend.
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