Ethereum has mirrored Bitcoin in price action but has shown a 13% increase over the past seven days, outpacing Bitcoin's 5.8% rise. This uptick is attributed to large holders, or 'whales,' accumulating more ETH. On-chain data from platforms like Glassnode and IntoTheBlock reveals that Ethereum whales have added at least 70,000 ETH to their wallets since last week.
Glassnode data shows the number of Ethereum wallets holding 10,000 ETH or more has increased to 925, marking the addition of seven new whale wallets. Additionally, IntoTheBlock data highlights a surge in whale activity, with transactions exceeding $29 billion in the past seven days.
The inflows into large holder wallets saw a significant spike on September 23, with 515,520 ETH flowing in, a 440% increase from the previous day. Such high levels of activity from large holders are usually seen as a bullish sign for the cryptocurrency market.
Currently, Ethereum is trading at $2,626 after a 13% weekly gain. This marks Ethereum’s first outperformance over Bitcoin this year. Analysts are now eyeing key resistance levels at $2,700 and $3,000 as potential next targets for Ethereum’s price.
