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Ether (ETH) plunged to $1,083 last Tuesday, its lowest level since mid-summer 2022. However, already on Wednesday night, the altcoin returned to values above $1100, and this afternoon the ETH rate strengthened to $1165.
Ethereum was supported by the largest investors or the so-called whales. They have been buying altcoin for the past few weeks.
The Santiment team found out that the whales stepped up their ETH capital investment over the weekend.
In total, wallets with balances between 10,000 and 1 million ETH purchased 947,940 coins.
The whales spent $1.03 billion on this amount of cryptocurrency. Thus, they accumulated up to 44.46% of the altcoin market supply, experts emphasized.
Similar whale swims were observed several times in 2022, the last of which was the fifth in a row. Always after the release of the whales, the ether resumed its upward movement.
Analysts attribute the rapid rebound in ETH this week to the activation of large investors. Whale wallet reserves rose by another 1.8% in a few days.
According to IntoTheBlock, the share of profitable ETH addresses on the network has increased as a result of the bounce of Ethereum above $1,100.
Now 27% of altcoin holders are in the black, 49% of wallets remain unprofitable. The correlation between Ethereum and Bitcoin remains almost perfect. On November 23, it reached 0.99.
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