Ethereum whales are adding more ETH coins to their holdings The current market outlook can make it difficult for whale accumulation to positively influence price During the intraday trading session on 21 November, data from on-chain analytics Santiment revealed a significant surge in Ethereum [ETH] whale holdings. ETH whales that held between $10.9 million to […]
Santiment noted that the addition represented the fifth “largest single-day add in the past year.” In the past four instances, ETH’s price rallied in the three days that followed.
The divergence indicated buyers’ exhaustion and low conviction among ETH holders, who might be unsure about any significant positive price rally in the short term. Besides a price/trading volume divergence hindering the projected price rally, there was also a shortfall in new ETH demand. Per data from, since 13 November, the count of new addresses created daily on the ETH network declined by 28% at press time. As of 21 November, 77,405 new addresses were created on the ETH network.
A look at its Exponential Moving Average position confirmed this. At the time of writing, the 20 EMA was below the 50 EMA line. This depicted that ETH selloffs exceeded its accumulation.
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