Ethereum Whales Are Loading Up: Is It Time to Buy ETH?

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While Ethereum has largely mirrored Bitcoin’s price action in recent months, a surge in activity from Ethereum whales might signal a potential shift. In the past week, ETH has outperformed Bitcoin by a significant margin, rising 13% compared to Bitcoin’s 5.8% gain. This rally is being fueled by large investors who are accumulating ETH at a rapid pace.

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On-chain data from Glassnode reveals that Ethereum whales, those holding 10,000 ETH or more, have added a staggering 70,000 ETH to their wallets since the beginning of last week. The number of wallets in this category has increased to 925, marking a rise of seven new whale wallets in the past 24 hours.

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Further evidence of this whale activity comes from IntoTheBlock (ITB), which tracks transactions exceeding $100,000. ITB data shows that Ethereum whale activity has reached over $29 billion in the past week, with both inflows and outflows from large wallets contributing to this volume.

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Historically, this level of activity from major holders has been a bullish indicator for cryptocurrencies. Furthermore, on September 23, inflows of ETH into large holder wallets soared to 515,520 ETH, representing a 440% increase from the previous day.

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Time to Buy ETH?

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Ethereum is currently trading at $2,626, marking a significant breakout for the month of September. This move above $2,600 could be the first step in a sustained upward trend. Analysts are predicting a potential push towards $3,000 in October if Ethereum can break above the $2,700 level by the end of this month.

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Given Ethereum’s pivotal role in the cryptocurrency ecosystem, there’s never a bad time to accumulate more ETH. The recent whale activity and price action suggest that the market may be entering a bullish period for the leading altcoin.

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Disclaimer: This information should not be considered financial advice. Always conduct thorough research and seek advice from a qualified professional before making any investment decisions.