It’s been just revealed that crypto whales are currently accumulating Ethereum. This is happening, although the price of the crypto continues to drop.
It’s been revealed that Santiment says Ethereum’s top 10 largest addresses went from owning as low as 18.46% of the total Ethereum supply after mid-May – when ETH achieved its all-time high – to 20.58% by July 13th.
It has also been reported that for those top 10 addresses, that’s the highest ETH ownership percentage since May of 2017, according to Santiment.
The online publication, the Daily Hodl, notes that the analytics firm says that the accumulation of stakeholders is a good sign for Ethereum’s potential price recovery.
“This chart is indicative of the largest stakeholders continuing to accumulate while prices have fallen more than 50% from their AllTimeHigh levels. It is a bode of confidence that prices can and will recover at some point.”
Miner balances have been rising
Santiment also made sure to point out the fact that miner balances have been rising steadily for the past month – this is a sign that people who power the network are not inclined to sell.
It has been reported that Santiment says if ETH can hold above $1,800, it will have a chance to test the “resistance trend line” at $2,200.
“ETH’s price action continues to linger around a bearish bias, with it hanging on to a very important support now. Bulls really need to step in soon (for a bounce at the very least), else bears shall continue their downward trend,” the firm says.
They also continued and pointed out that “On-chain metrics are showing some positive signs but it’s still too early to say whether we bottomed out.”
Regarding Ethereum’s price today, at the moment of writing this article, ETH is trading in the red and the coin is priced at $1,907.36.
Stay tuned for more news and make sure to check out the crypto market.