Ethereum Rallies Above $1,400 As Sharks Accumulate

Ethereum has rallied above $1,400 today as on-chain data shows ETH sharks have been busy accumulating recently.

Ethereum Shark Addresses Have Grown By 3,000 Within the Last Two Months

As per data from the on-chain analytics firm Santiment, the present variety of shark addresses available in the market is the best since February 2021. The relevant indicator here is the “ETH Supply Distribution,” which tells us which coin groups have what number of wallets.

These coin groups are ranges that outline the variety of coins the addresses currently hold in a specific group. For instance, the 1-10 coins cohort includes all wallets holding a minimum of one and at most 10 ETH. The Supply Distribution metric for this group would then track the whole variety of addresses falling inside this range.

Within the context of the present topic, the coin group of interest is the 100-10,000 coins cohort (which is made up of two separate groups, 100-1,000 coins, and 1,000-10,000 coins; they’ve just been merged). Now, here’s a chart that shows the Supply Distribution data for this Ethereum coin group:

It looks just like the value of this metric has observed some uptrend in recent weeks | Source: Santiment on Twitter

This coin group’s lower and upper bounds convert to around $140,000 and $14 million. The Ethereum investors who hold amounts on this range are called the sharks, and although they aren’t as crucial because the whales, movements from these holders can still have significant implications in the marketplace.

As shown within the above graph, the Ethereum sharks were taking profits during September and October last yr as their total variety of addresses declined to a low. Nevertheless, over the past few months, accumulation has rapidly taken place available in the market as 3,000 recent shark addresses have been created on the network.

ETH has been rallying in recent days as these sharks have been accumulating, and for now, these investors aren’t showing any signs of stopping either. The entire variety of addresses belonging to this cohort is 48,556, the best level the indicator has seen since February 2021, almost two years ago.

If these sharks budge here and take some profits while the costs are high, the rally might lose steam and end. Nevertheless, if these investors keep this accumulation up as an alternative, it might be a bullish sign for Ethereum, and the rally may proceed.