In the past 7 months, there has been a continuous increase in the interest of whales and retail investors, resulting in a significant accumulation of Ethereum (ETH). This accumulation has moved the price of ETH by almost 50%, from $1226 to the current price of $1851.
According to data from Santiment, over the past 5 years, the top 10 addresses in Ethereum have increased their holdings of the total coin supply from 11.2% to 34.6%. This accumulation represents an additional 27.86 million ETH, currently valued at $51.6 billion.
In January 2023, the supply held by the top addresses was around 24.03% of the total supply, and as of July, this holding by the top addresses increased to 31.11%. This increase clearly shows that investors and whales are heavily accumulating Ethereum, possibly due to the applications for Ethereum ETFs by top asset management firms.
Data from IntotheBlock shows that there are 5 active whales that hold around 36.41 million of Ethereum, totaling 29.75% of the total supply. Additionally, 71 investors hold around 16.24 million Ethereum, which is about 13.27% of the total Ethereum supply. It was also observed through the data that, since January 2023, whales have accumulated more than investors and retailers. And also the concentration of Ethereum holdings among whales has raised concerns about potential market manipulation.
IntoTheBlock’s data also shows that around 3.93 million addresses bought approximately 7.45 million Ethereum within the price range of $1795 and $1848, with an average price of $1821. On the other hand, more than 5 million addresses have bought around 9.08 million Ethereum at an average price of $1880.
Regarding profitability, approximately 61 million addresses are in profit, constituting around 61.81% of total Ethereum holders. In contrast, about 35.98 million addresses are facing losses, accounting for around 36.25% of total Ethereum holders. Only 1.93 million addresses are at breakeven, which is approximately 1.94% of total Ethereum holders.
Furthermore, in terms of price action, Ethereum is forming an ascending triangle pattern on the weekly time frame and is currently moving within a narrow zone. It is encountering strong resistance near the $2100 level while finding support from a trendline.
On the daily time frame, ETH is also finding support from the 200-day exponential moving average (EMA), indicating that Ethereum is still in a bull run. At the time of writing, ETH is trading near $1851, and since the start of January 2023, it has already moved almost 50%.