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Here's Who Pushed ETH Above $1,200 Mark: Details

Wed, 11/30/2022 - 12:32
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Tomiwabold Olajide
Ethereum suddenly jumped 5%
Here's Who Pushed ETH Above $1,200 Mark: Details
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The Ethereum price has risen to intraday highs of $1,282 amid a general rebound in the cryptocurrency market. At the time of publication, ETH was trading at $1,266 — up 4.32% in the previous 24 hours and 8% in the previous seven days.

According to data from on-chain analytics firm Santiment, shark and whale addresses, or those holding 100 to 100,000 ETH, are the likely cohort responsible for the recent ETH price movement.

On a chart, Santiment depicted the key times at which these cohorts accumulated and dumped. As per the data presented, the most recent bout of accumulation by this category of holders coincides with the latest increase in the price of ETH.

Shark and whale addresses rapidly accumulating

In the past week, Santiment noted that Ethereum's active shark and whale addresses continued to accumulate at a discount. The on-chain analytics firm states that these key large addresses have been rapidly adding ETH to their bags.

It noted the impact of the accumulation made by this category of addresses on the ETH price, stating that in October and November 2020, these ETH addresses aided in pushing the ETH price higher by 50% within five weeks.

320,000 ETH Moved by Whales, Here's How Ethereum Price Reacted

Specifically, it notes that Ethereum "large whales," that is, those holding $10.9 million to $1.09 billion, added 947,940 ETH, which marks the fifth largest single-day increase in the past year.

Another encouraging sign for the network is the increase in the number of key large addresses, with the amount of 100 to 100,000 ETH holder addresses reaching a 20-month high.

In another development, Phantom, the top cryptocurrency wallet in the Solana ecosystem, announced that it will roll out support for assets on the Polygon and Ethereum blockchains over the next three months.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.