Ethereum accumulation by whales has been up 2.8% over the past two and a half months.
🐳 #Ethereum's price sits at ~$3,970 as whale behavior continues to play an important role. Billionaire addresses with 100k to 10m $ETH have accumulated $5.58B of $ETH (1.41M coins) since Oct 1st, adding 2.8% more to their bags in these past ~2.5 months. https://t.co/P5zVQshIhA pic.twitter.com/kZXejrkJLQ
— Santiment (@santimentfeed) December 18, 2021
Whales hold 1.4 million Ethereum (ETH)
Santiment reveals this by citing a chart that shows a sharp and continuous increase in ETH held on addresses that hold between 100,000 and 10 million of them as of late September.
In fact, after the drop on September 19, when the price of ETH briefly returned to $2,700, these whales have begun to accumulate again after dumping some of what they had accumulated in the previous months.
Santiment points out that in these two and a half months, the total number of ETH held on these addresses has risen by 1.4 million units, representing an increase of about $5.58 billion.
The current level, however, has not yet reached that of mid-September.
Price of ETH at risk
According to other analysts, the current situation could suggest a drop in the price of Ethereum.
After touching its all-time high on November 10, exceeding $4,800, a downward phase seems to have begun, which has brought the price of ETH back below $3,900.
This is a cumulative loss of more than 10% in the last two weeks.
Now the attention threshold would have become the level of 3,000$, i.e., a level never touched since the beginning of October.
Some analysts fear that a new wave of FUD, mostly coming from China, could weaken the cryptocurrency markets, and in particular, Ethereum. In addition, the problem of high fees has not yet been resolved, with an average cost per transaction on the Ethereum blockchain currently over $20, while, for example, on that of Bitcoin, it is still at $1.6.
All this could indirectly influence the price of ETH, which currently does not seem to be able to rise in the short term. According to some forecasts, it would actually be projected towards lows of late September, i.e., a return below $3,000.
The level to watch today is that of 3,700$ because it should be the first support of some importance in case of a drop from the current 3,830$.
In case this support is broken, the next one could be right at $3,000.