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Ethereum Hits Peak of $1,700 as Investors Add 1.88 Million ETH Since November: Report

Sat, 02/18/2023 - 10:06
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Yuri Molchan
Ethereum whales and sharks have accumulated enough ETH recently to help ETH recover $1,700
Ethereum Hits Peak of $1,700 as Investors Add 1.88 Million ETH Since November: Report
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On Thursday, the second biggest crypto asset, Ethereum, pushed over 3% up and briefly managed to surpass the $1,700 level last seen about a year ago, also on a short timespan.

Santiment on-chain data agency has tweeted that this rise has partly been provoked by the large amounts of Ethereum that was recently accumulated by whale and shark addresses.

The analysts team of the company has reminded the audience that the ETH price is now "within a striking distance of a 5-month high," and it is so far at the highest level since the Merge upgrade that occurred on Sept. 15 and made the Ethereum blockchain switch from the proof-of-work consensus protocol to the proof-of-stake one — the event that the community had looked forward to for a long time. It has made ETH more environmentally friendly as it will consume less electricity now.

Bitcoin maximalists keep insisting, though, that this has made Ethereum even more centralized than it had been before.

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As for the aforementioned sharks and whales, Santiment shared that since November last year, these wallets that contain between 100 and 100,000 ETH have accumulated another 1.88 million Ether.

Now, they are holding a total of 47% of the circulating Ethereum supply.

At the time of writing this, Ethereum has pulled back a little and is changing hands at $1,693, according to data provided by CoinMarketCap.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at