Over the past 30 days, there has been a noticeable increase in purchases of Ethereum (ETH) by large investors, contributing to its price rise.
Whale Accumulation
In the last month, the price of Ethereum has risen by almost 50%, approaching $4,200. During this time, large holders, known as 'whales', accumulated more than 1.8 million tokens, which is valued at over $7 billion. This group now controls approximately 28.5 million ETH, or about 23.6% of the circulating supply.
Market Conditions
Recent market changes indicate that investor interest remains high, despite significant outflows from spot ETH ETFs at the beginning of the month. In recent days, capital has begun to flow back into these funds. Additionally, the amount of ETH on crypto exchanges has dropped to a nine-year low, indicating a shift towards self-custody methods.
Potential Risks
However, Ethereum's Relative Strength Index (RSI) has climbed to 70, indicating a potential short-term cooldown after rapid price increases. Readings above 70 may suggest a need for correction, as the asset may have surged too quickly over a short period.
Overall trends in the ETH market strengthen optimism among analysts, but potential risks also warrant attention as price dynamics may change.
