Ethereum’s’ Mega Whales’ Accumulation Double That Preceded 95% ETH Rally In 2022
The post Ethereum’s’ Mega Whales’ Accumulation Double That Preceded 95% ETH Rally In 2022 appeared on BitcoinEthereumNews.com. Key takeaways: Ethereum mega whales have increased their holdings by 9.31%, a stronger buildup than before the 2022 rally. ETH is consolidating inside a bull pennant, with a breakout potentially targeting $3,400 by August. Ethereum wallets holding at least 10,000 Ether (ETH) are ramping up accumulation faster than before the 95% rally in mid-2022. Ether whales reclaim the most supply since 2020 The total ETH held by these “mega whales” recovered to over 41.06 million ETH as of Monday from 37.56 million ETH — a record low — in October 2024, according to Glassnode data. Ethereum mega-whale net position change vs. supply. Source: Glassnode That marks a 9.31% increase, almost double the accumulation pace seen between May and September 2022, before ETH price rallied from ~$1,000 to over $1,950, a 95% increase. A similar trend played out between November 2020 and January 2021, when whale holdings rose 4%, and ETH jumped to $1,220 from $460. Ethereum mega-whale supply. Source: Glassnode Large holders began accumulating well before the broader market caught on in both instances. ETH price action has remained relatively flat in recent weeks, suggesting that the current accumulation phase is still flying under the radar. This silent buildup could be a precursor to a significant upside move that may not be priced in yet, if the past patterns play out again. The ongoing rise in mega whales’ Ether holdings further coincides with increasing flows into Ethereum-focused investment funds, including ETFs. The supply recovery is also the strongest and most sustained since the metric’s long-term downtrend began in June 2020. Bull pennant targets 30% ETH price gains Ether is also trading within a textbook bull pennant pattern on the daily chart. The setup typically signals a continuation move, often resolved by a breakout in the direction of the prior trend.…
The post Ethereum’s’ Mega Whales’ Accumulation Double That Preceded 95% ETH Rally In 2022 appeared on BitcoinEthereumNews.com.
Key takeaways: Ethereum mega whales have increased their holdings by 9.31%, a stronger buildup than before the 2022 rally. ETH is consolidating inside a bull pennant, with a breakout potentially targeting $3,400 by August. Ethereum wallets holding at least 10,000 Ether (ETH) are ramping up accumulation faster than before the 95% rally in mid-2022. Ether whales reclaim the most supply since 2020 The total ETH held by these “mega whales” recovered to over 41.06 million ETH as of Monday from 37.56 million ETH — a record low — in October 2024, according to Glassnode data. Ethereum mega-whale net position change vs. supply. Source: Glassnode That marks a 9.31% increase, almost double the accumulation pace seen between May and September 2022, before ETH price rallied from ~$1,000 to over $1,950, a 95% increase. A similar trend played out between November 2020 and January 2021, when whale holdings rose 4%, and ETH jumped to $1,220 from $460. Ethereum mega-whale supply. Source: Glassnode Large holders began accumulating well before the broader market caught on in both instances. ETH price action has remained relatively flat in recent weeks, suggesting that the current accumulation phase is still flying under the radar. This silent buildup could be a precursor to a significant upside move that may not be priced in yet, if the past patterns play out again. The ongoing rise in mega whales’ Ether holdings further coincides with increasing flows into Ethereum-focused investment funds, including ETFs. The supply recovery is also the strongest and most sustained since the metric’s long-term downtrend began in June 2020. Bull pennant targets 30% ETH price gains Ether is also trading within a textbook bull pennant pattern on the daily chart. The setup typically signals a continuation move, often resolved by a breakout in the direction of the prior trend.…
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