Following a rejection around the $750 price region some hours ago, Ethereum (ETH), the second-largest cryptocurrency by market cap, has somewhat regained momentum for higher highs.
A couple of hours ago, ETH experienced an increase in selling pressure. The fact that Bitcoin (BTC), the first and largest digital currency, faced rejection somewhere around the $29,000 price region added to Ethereum’s challenges.
Over the past few days, ETH has not printed a significant upside trend compared to Bitcoin. However, there is still a strong possibility that a positive trend is around the corner for ETH, as the digital currency seems to be on a rapid accumulation.
At the time of publishing, Ethereum (ETH) is trading at $741.28, with about a 2% price increase in the last 24 hours. And it’s worth noting that the price of the cryptocurrency is relatively tending to the Bitcoin price trend.
Whales Are On Ethereum (ETH) Accumulation Spree
According to a crypto analytics platform, Santiment, the number of Ethereum wallets holding over 10,000 ETH has been on the increase over the past two months, which is the result of the current accumulation trend of the digital currency.
Santiment tweeted, “With ETH crossing $750 for the first time in 31 months, we’ve discovered that there are 39 more Ethereum addresses holding 10,000+ ETH compared to just 2 months ago. Meanwhile, the amount of addresses holding 1-10,000 ETH have shrunk over this time.”
With $ETH crossing $750 for the first time in 31 months, we've discovered that there are 39 more #Ethereum addresses holding 10,000+ $ETH compared to just 2 months ago. Meanwhile, the amount of addresses holding 1-10,000 $ETH have shrunk over this time. https://t.co/H2bp5UHRaV pic.twitter.com/Tr7wiYsUO7
— Santiment (@santimentfeed) December 31, 2020
Although this accumulation has not significantly impacted the price of ETH, there is a possibility that it will aid its positive price trend going forward.
Additionally, it may take a few weeks to understand the impact and longevity of this trend, but it’s obviously a bullish sign for ETH’s near-term outlook.