Ethereum is once again gaining significant traction in the world of cryptocurrencies as ETH whale accumulations appear to be on a gradual accumulation path for the first time over the past two months, according to data offered by Glassnode, a platform providing on-chain market metrics.
Furthermore, over the past few hours, amid the price recovery experienced by cryptocurrency markets, the ETH price displayed notable gains, overtaking the $2000 mark as of writing.
However, with market resistance levels holding still, there’s a rising concern among significant crypto enthusiasts and whales, who hint towards a potential exit plan following two months of discreetly amassing cryptos.
ETH On-Chain Metrics: A Closer Look
Notably, the on-chain data highlighted by a leading analyst aligns with an optimistic perspective of Ethereum’s price despite the constant price flux witnessed by the token over the past few days.
Furthermore, an important trend accompanying the price flux is the sudden rise in non-exchange Ethereum balances and the accumulation of ETH. This pattern indicates that rather than responding with panic and quickly selling holdings on crypto exchanges, these significant stakeholders, also known as whales in the crypto segment, are choosing to gather more of the altcoin.
Moreover, after a two-month interval, Ethereum addresses with a balance surpassing 10,000 tokens or $20 million have been discreetly on the rise. This upswing is reinforcing Ethereum’s present path as buyers gain confidence in sustaining momentum beyond the $2,000 threshold.
Also read: BCBS Report: Banks Invest $10.27 Billion in Crypto, XRP Emerges as Top Altcoin
ETH Price Evaluation
As of writing, the Ethereum price was marginally up by 3.65%, reaching $2,025.38 as of today. Furthermore, the twenty-four-hour trading volume also witnessed a substantial increase of 34.53% and stood at $9.80 billion while writing.
The aforementioned price surge also seems to come in alignment with the recent amassing of colossal amounts of ETH by whales.
If the bulls succeed in maintaining the price above the crucial threshold of $2,000, Ethereum might recover, gain momentum, and position itself for an impending breakout from its symmetrical triangle pattern. A successful breakout could propel the coin to challenge its resistance at $2,190 in the coming future.
Also read: Massive Institutional Buying Of BTC, ETH, XRP, SOL, ADA Continues
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