After seeing strong selling pressure over the last weekend, the world’s second-largest crypto Ethereum (ETH) has delivered a major bounce back. As of press time, ETH is trading 7.11% up at a price of $1,268 and a market cap of $155 billion.
On-chain data shows that Ethereum’s active addresses surged to their highest levels in six weeks yesterday. The last time this happened, the ETH price shot up by 30% in just six weeks. On-chain data provider Santiment reports:
Ethereum’s active addresses surged to its highest level in over 6 weeks yesterday, and that likely factored into today’s price growth. On October 15th, the last time addresses spiked at this level, the price of $ETH jumped +30% over the next 3 weeks.
Ethereum Whale Accumulation on the Rise
While Ethereum (ETH) has been subject to a heavy price correction recently, the whales have been buying every dip. Last week, the ETH whale activity touched a new high registering the fifth-largest accumulation day in a year.
Throughout this month of November, as the FTX crisis unfolded, Ethereum whales have been accumulating. As per the Santiment report:
Ethereum’s large key addresses have been growing in number since the #FTX debacle in early November. Pictured are the key moments where shark & whale addresses have accumulated & dumped. The number of 100 to 100k $ETH addresses is at a 20-month high.
Along with Ethereum, the Bitcoin (BTC) price has also jumped by 3.5% and is trading close to $17,000. However, chances of Bitcoin miner capitulation hover around with BTC miners facing increasing challenges amid the collapsing BTC price. This could possibly result in additional selling pressure going ahead.
Besides, crypto traders are also showing rising interest in altcoins over Bitcoin. The Santiment report notes: “Bitcoin’s social dominance remains low, as traders are seemingly disinterested in #crypto‘s #1 while #altcoins have had more movement these past couple weeks. One of the primary ingredients for ALL prices to surge is a high $BTC social dominance”.
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