Forex and Crypto News

Ethereum whales accumulate the coins

18:53 28 May /2020

For the past three weeks, Ethereum has been trading in the range, limited by the level of $215 and $198. But it seems that Ethereum is ready to leave the trading range and start a new rally.

Spencer Noon, head of DTC Capital, points out several arguments in favor of the Ethereum rally. Since the beginning of the month, the Grayscale Ethereum (ETHE) has been showing growth, which indicates the growth of interest from institutions towards Ethereum. Over three weeks, the Grayscale Ethereum (ETHE) has issued 1 million new shares. This release may indicate that the institutional began to invest in Ethereum, or in this way they lock up their capital. This pace is $1 million per day. This fact is also confirmed by the growth of the addresses of Ethereum with 1 million or more on the balance. Recently, Santiment noted that the amount of Ethereum concentrated among investors reached a 10-month high. At the same time, 100 addresses own 21.8 million ETH, which is equal to $4.6 billion. And this number is growing rapidly. Within 48 hours, these wallets added 145,000 ETH.


Such high rates of accumulation may indicate that whales accumulate Ethereum in anticipation of price increases. For two days, the price of Ethereum has already increased by 7%. At the time of publication, the price of Ethereum is $215.

On the other hand, such a concentration of an asset in a limited number of wallets enables whales to have a disproportionate effect on prices. Whales will be able to negotiate a purchase or sale by manipulating the prices of Ethereum. It is also worth noting that at the price of Ethereum in the region of $210- $215, 1.7 million ETH were bought. But with prices ranging from $187 to $201, 13.5 million ETH were bought.


On the chart, the ETH/USD pair passes the resistance area of ​​$210- $ 215. If the pair ETH/USD closes above $215, the bulls will increase their pressure and try to send the price to the area of ​​$225.

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