- Ethereum whale addresses holding ETH hit a record high.
- Addresses holding between $10,000 – $100,000 ETH hit a record high.
- These wallets hit a high of $20.6 million ETH.
Whale accumulation and institutional hoarding of ETH have brought the price of ETH back to the $4,500 price range, where the price of ETH is trading now, at a higher price than the previous price range between $4,300 and $4,400, where the pioneer altcoin asset was trading at. This accumulation has led to Ethereum whale addresses holding between $10,000 – $100,000 ETH hitting a record high of $20.6 million ETH.
Ethereum Whale Addresses Holding ETH
The pioneer altcoin, Ethereum (ETH), gained a heightened amount of attention this bull cycle, but only this year as compared to last. This is because the price of ETH only started pumping after the asset bottomed at $1,700 when Bitcoin (BTC) major dip in Q1 led to a massive correction phase. This was followed by a prolonged correction period that eventually led to a much healthier crypto market.
In detail, historical data suggested that Q1 would usher in the peak of an altseason, like it always did. To highlight, most bull cycles’ altseason peak phase arrived in Q1 following a Bitcoin Halving event. However, in this bull cycle, the same period saw a quarter-long correction phase. On the right side, this correction allowed the price of ETH to recover to much higher prices, albeit in a steady and not erratic manner.
To elaborate, the price of ETH went on to reach much higher prices within the next two quarters. To start off, ETH first reclaimed the $2,700 price range at a rapid pace, then it went past $3,700 and $3,900, until it finally broke past the two major resistance levels, $4,000 and $4,100. Eventually, the price of ETH soared to $4,500 until it retook its previous ATH price of $4,800 and set a new ATH price in the $4,900 price range.
Addresses Hold Record High of $20.6 Million ETH
This sentiment was followed by an expectation for the price of ETH to hit a higher ATH price, starting with $5,000, and finally exploring its price discovery phase. However, those hopes declined quickly as the market faced another dip, taking the price of ETH back to the $4,100 price region. This was seen as a golden opportunity to accumulate. Even now, with ETH trading at $4,500, whales and institutions continue to aggressively accumulate ETH.
As we can see from the post above, ETH whale balances have hit a record high. To highlight, ETH addresses holding $10,000 – $100,000 ETH seem to have reached a new ATH of $20.6 million, marking a monumental milestone for ETH all-time high holdings. This is a highly bullish signal for the pioneer altcoin asset, suggesting that the price of ETH could go on to hit new ATH prices in the coming days ahead.
