According to crypto analytics portal Santiment, a large accumulation of Ethereum has been seen in recent days. The most active were those addresses holding between 100 and 100,000 ETH on their balance sheet, which are referred to in the crypto space as sharks and whales. In just the last three weeks, this group of investors have reportedly bought 1.9% of Ethereum's total available supply.
Previously, similar activity was seen in the fall of 2020, when these sharks and whales accumulated 2.1% of the Ethereum supply. At that time, the price of ETH rose by 50% over the next five weeks. If history tends to repeat itself, it is possible that by early 2023 the price of ETH will experience a similarly positive trend.
Major whale alert
An indirect confirmation could be recent statistics from the same Santiment, as reported by U.Today. According to it, Monday, Nov. 21, was one of the biggest buying days for Ethereum in the last calendar year. Major altcoin holders spent more than a billion dollars on purchases, putting 947,940 ETH in their wallets.
Ethereum (ETH) price action
Ethereum's price action itself is more of a recovery. After the previous two weeks of decline, when the price of ETH lost nearly 28% of its value, this week was proceeded with a modest rise of 5.1%.