Recent analysis of Ethereum’s on-chain data indicates that major investors, known as whales, are making significant purchases, hinting at a potentially optimistic trend for ETH’s price.

Significant Accumulation by Ethereum Whales

According to a post by analyst Ali Martinez on X, the amount of ETH held by whales has surged recently. One key metric from the analytics company Santiment, the “Supply Distribution,” highlights the distribution of ETH across various wallet groups, indicating the activity level among large holders.

Investors are classified into cohorts based on their holdings. For instance, the group possessing 1 to 10 ETH includes smaller holders, while whales typically own between 10,000 and 100,000 ETH. This corresponds to a value range of approximately $26.2 million to $262 million, depending on current market prices.

Whales, with their substantial assets, can significantly influence market movements. Hence, their accumulation trends are crucial indicators for traders.

The chart below, as presented by Martinez, illustrates the recent uptick in the Supply Distribution among Ethereum whales:

The observed increase in the supply held by investors within the 10,000 to 100,000 ETH range suggests a robust accumulation strategy. Specifically, whales have added an impressive 200,000 ETH, translating to approximately $524 million. This indicates that significant players believe in Ethereum’s future potential at its current valuation. Time will tell if their investments yield favorable results.

Additionally, as noted by on-chain analytics firm Glassnode, there exists a significant accumulation zone around the $2,500 mark, further validating investor confidence in Ethereum at these price levels. A recent post on X outlines these findings:

The accompanying Cost Basis Distribution Heatmap reveals critical support levels, with data showing $2,500 as a significant accumulation zone. Glassnode highlights that over 3.45 million ETH were purchased within the price range of $2,513 to $2,536, reinforcing this area as a substantial support level.

Current ETH Market Status

As of now, Ethereum is trading at approximately $2,600, reflecting a 3% increase over the past 24 hours.