The whale accumulation picked up amid Ethereum’s modest rally sustained since January 1.
Ethereum (ETH) whale accumulation has picked up, as the whale transaction count has risen to its highest level since December 16. The recent increase in whale interest comes amid the modest relief rally engineered by ETH since January 1, as the asset gains in four consecutive days.
Whale accumulation has seen a dramatic surge since January 3, as revealed by a chart from the crypto analytics platform Santiment. According to the chart, the highest level of transactions occurred yesterday, as up to 611 ETH transactions worth over $100K were recorded in just 4 hours.
🐳 As #altcoins have heated up, #Ethereum quietly rebounded back above $1,260 for the 1st time in 3 weeks. Though not quite at the level of the big whale dip buys on December 16th ($ETH's local price bottom), whales are showing increased interest again. https://t.co/9ihbtrSBbF pic.twitter.com/xBtBJlpxgV
— Santiment (@santimentfeed) January 4, 2023
Furthermore, the blockchain surveillance system Whale Alert highlighted over $154M worth of ETH movements since January 1. The first transaction, which occurred on January 1, involved the transfer of 32.2K ETH ($38.5M) from an unknown wallet to Coinbase. The more recent transaction saw the transfer of 95,342 ETH ($116.1M) between two unidentified addresses on January 4.
Besides large whales, small and medium-sized ETH holders had been increasingly adding to their bags since December last year. The accumulation pattern spilled into the new year, per data from a Santiment chart. Consequently, addresses holding 1 to 100 ETH have increased their holdings to a recent all-time high of 12.49M ETH tokens.
Additionally, data from Messari reveals that addresses holding at least 1 ETH have increased to 1.7M, with addresses holding at least 100 ETH surging to 7K. Currently, 6 addresses hold at least 1M ETH tokens.
Ethereum Has Gained in Four Consecutive Days
The recent surge in ETH accumulation underscores a growing interest in the asset as investors look to jump on the moving train. Ethereum has been cooking up a slow but steady rally since the beginning of the year, as previously reported.
The asset surged to a 3-week high of $1,272 yesterday before facing rejection. Notwithstanding, having closed yesterday with a 3.49% gain, ETH secured a winning session for the fourth consecutive day.
Ethereum has been trading flat in the past 24 hours, as its goal to recapture the $1,300 price point faces resistance from the bears. Nevertheless, the asset has gained by 4.77% in the past 7 days, currently changing hands at $1,249. ETH must avoid the pivot point at $1,247 to avoid slipping to its first support at $1,221.