• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Leading ETH Whale Wallets Continuously Building Their Holdings

Leading ETH Whale Wallets Continuously Building Their Holdings

user avatar

by Max Nevskyi

2 years ago


Ethereum (ETH), the second-largest cryptocurrency and the leading altcoin, has maintained a price of approximately $1,850 over the past few weeks. Notably, its price trajectory has closely mirrored that of Bitcoin (BTC) since the start of this year.

Prominent whale-level wallet addresses have consistently been accumulating ETH, according to data from Chain provided by Santiment. The accumulation trend is particularly evident among the top 10 wallet addresses, which now hold a significantly larger portion of the total ETH supply.

Graph Ethereum

During this period, the holdings of the top 10 wallet addresses have surged from 11.2% to 34.6% of the total supply. This increase, amounting to around 27.86 million ETH, translates to approximately $51.6 billion based on current valuations.

Despite this accumulation, Ethereum's price has primarily mirrored Bitcoin's movements without any major catalyst to drive its price higher, following the Merge event in September 2022.

Chart

Analyzing the daily price chart of ETH between July 14 and August 8 reveals the formation of a descending triangle pattern. This pattern is characterized by consecutively lower peak points and relatively stable lower levels, indicating negative sentiment among investors. While breaching the triangle's horizontal line and falling below the $1,823 level might signal a continuation of the downtrend, the current price movement is above this level, suggesting a positive trend.

In a potential bearish scenario, the initial significant psychological support level for ETH lies around $1,800. Additionally, the 200-day Simple Moving Average (SMA) at $1,788 could provide supplementary support before the potential target level of $1,700, as indicated by the formation.

0

Share

Other news

Louisiana Forms Subcommittee for Blockchain and Announces $50M Fund

Louisiana initiates blockchain exploration with a new subcommittee and fund. Connecticut's stance on Bitcoin remains uncertain.

user avatarGiorgi Kostiuk

20 minutes ago

SEC Halts $1 Billion Filing for Solana Investments

The SEC has blocked a $1 billion filing by the DeFi Development Company, impacting Solana investments and market concerns.

user avatarGiorgi Kostiuk

22 minutes ago

2025 Crypto Prospects: What to Buy for Growth

Exploring promising cryptocurrencies for 2025, featuring BlockDAG, Cronos, and Render.

user avatarGiorgi Kostiuk

25 minutes ago

Disney and Universal vs. Midjourney: Legal Battle in AI World

Disney and Universal have filed a lawsuit against Midjourney, accusing the company of copyright infringement through image generation.

user avatarGiorgi Kostiuk

an hour ago

Bitget and Bybit Consider Staff Relocation Due to Regulatory Changes in Singapore

Crypto exchanges Bitget and Bybit may relocate their personnel in response to regulatory restrictions in Singapore.

user avatarGiorgi Kostiuk

an hour ago

Rapid Changes in South Korea’s Crypto Policy: The Implications of Lee Jae-myung’s Reforms

President Lee Jae-myung has fulfilled his promises by initiating reforms in cryptocurrency legislation in South Korea. An overview of the latest changes.

user avatarGiorgi Kostiuk

an hour ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.