As with bitcoin (BTC), the price of Ether (ETH) also remains stagnant. Despite posting nearly 200% annual growth so far this year, ETH is trading at less than half its all-time high in mid-May, and big investors are seizing the moment as a great buying opportunity. .
Crypto analytics firm Santiment noted that over the past 40 days, addresses with more than 100,000 ETH have increased their holdings by more than 2%. In this way, it is estimated that only the 10 largest whales in the ETH market currently account for 20.5% of the total supply.
According to the Santiment study, several of these addresses took advantage of the historical peak above USD 4,400 to take profits, and have starred in large purchases during the last six weeks.
In the same way that it happens with BTC, specialists point out that the pressure to sell has decreased for ETH. This means that accumulation processes have taken over the market, so expectations of a new rise in the short term are growing.
As of press time, the price of ETH is $ 1,978, following a daily growth of nearly 5%. In recent days, the second-largest cryptocurrency on the market has struggled to defend the $ 2K barrier, although it has had no worrisome lower bounces.