Ethereum Whale Concentration Hits ATH, Yet the ETH Price Expected
The ETH price underwent a gigantic rally through 2021 and achieved levels very close to $5000. Ever since then the asset is witnessing an extreme descending trend that bottomed hard below $2000. However. The second-largest crypto is expected to undergo a decent rally in the upcoming days as the whales have already entered the ring.
ETH 2.0 merger is on the toes which are believed to be a breakthrough in the history of the asset which may largely impact the ETH price. Additionally, new data has surfaced which indicates a huge move may be awaited in the upcoming days. As per the data from Santiment, the ETH whales have been accumulating the asset largely for the past year.
Nearly 10 top Ethereum whales now hold 4.3% of the entire supply of the ETH tokens that they have been doing so from a long time. Moreover, 23.7% of the ETH held by these wallets breached through the ATH levels, a couple of months ago and is currently very close to 5-year high levels. This may signal at an immense whale action may be fast approaching like a huge swing in the ETH price may be expected very soon regardless of the direction.
In case the whales play out negatively, then the Ethereum price levels may slash to as low as $1100 as reported by Coinpedia earlier. Or else if the Whales are more interested in uplifting the price above the current healthy consolidation, then $10000 may be the levels as predicted by a popular analyst.