The crypto market is mostly trading in the green today, and Ethereum is no exception.
The coin is struggling to regain its value, just like Bitcoin, after lots of drops in price for the most important crypto in the market.
Now, at the moment of writing this article, the most important altcoin is trading in the green, and it’s priced above $235.
ETH whales are stocking up on ETH
It’s been revealed that there’s new data from the crypto analytics company Santiment that shows Ethereum whales are stocking up on the crypto.
The firm revealed that there are various holders of massive amounts of ETH who keep showing confidence in the crypto despite the highly volatile crypto market.
“The top 100 holders of Ethereum are once again beginning to accumulate higher percentages of the total token supply, in spite of the ongoing consolidation that has been occurring for the past couple of weeks.“
The top 100 holders of #Ethereum are once again beginning to accumulate higher percentages of the total token supply, in spite of the ongoing consolidation that has been occurring for the past couple of weeks. Generally, when this kind of accumulation starts to mount, it's a pic.twitter.com/Rr5C8vuE97
— Santiment (@santimentfeed) March 4, 2020
Santiment says the pattern suggests a potential price upside for the digital asset, but they also make sure to note that it may take a while before the value of the coin starts to surge more.
“Generally, when this kind of accumulation starts to mount, it’s a signal that those who have the most stake in ETH (and other respective tokens) are beginning to have a collective sentiment of the token being undervalued and believe it’s a great mid to long-term hold play,” Santiment says.
They continue and explain that “Sometimes these price rises take a bit of time after this accumulation rises, but it is generally a good sign for Ethereum bulls.”
A Twitter follower responded to Santiment: “There were bigger jumps priorly… debatably during price consolidation. Just trying to understand.”
Someone else said: “Have a look again at the Nov-Dem period. There were also surge in accumulation activity, and you know what happened after that.”