The Ethereum (ETH) token has been under a considerable amount of downward pressure, with its price struggling to construct on recent momentum. If there could also be a gaggle of investors which may turn around this case for the altcoin, it’s the large ETH whales.
In a reasonably interesting turn of events, probably the most recent on-chain data has revealed that this set of big investors has been on a buying spree, purchasing massive amounts of the Ethereum token.
Whales Purchase $230 Million Value Of ETH – Impact On Price?
Outstanding crypto analyst Ali Martinez revealed – via a post on the X platform – that numerous the most important whales have been accumulating significant amounts of Ethereum over the past week. This report relies on on-chain data provided by blockchain analytics platform Santiment.
Based on Martinez’s post on X, greater than 100,000 ETH value over $230 million were acquired by whales (holding between 1 million and 10 million ETH) before now seven days. This increase in whale activity suggests that the large investors proceed to maintain their faith in Ethereum, despite its current struggles in the case of price performance.
Over 100,000 ETH value over $230 million acquired by whales in every week | Source: Ali_charts/X
For this reason of this latest addition, the holdings of this set of Ethereum whales climbed to greater than 9.5 million ETH, in step with Santiment’s data. This figure represents about 8% of the cryptocurrency’s total circulating supply, which currently stands barely above 120 million ETH.
Nevertheless, this rise in buying pressure has barely impacted the price of the Ethereum token. Because of this the ETH price could possibly be yet to attain a bottom, indicating further potential decline throughout the near time.
This prognosis is somewhat supported by the reading of the daily Relative Strength Index (RSI) indicator, which tracks the balance between the buying and selling pressure of a token. Based on CryptoQuant’s data, the RSI value of Ethereum stands at 52, which suggests a neutral position.
Ethereum Price Overview
As of this writing, the Ethereum token is currently valued at $2,208, reflecting a 1.7% price decline before now 24 hours. This recent downward movement further emphasizes the altcoin’s sluggish price performance over the past week.
Based on data from CoinGecko, the Ethereum price has fallen by greater than 5% throughout the last seven days. Nevertheless, the cryptocurrency maintains its position since the second-largest cryptocurrency throughout the sector, with a market capitalization of roughly $266.1 billion.
Ethereum price slows down on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from Shutterstock, chart from TradingView