The crypto whales are considered very important and significant in controlling and maintaining the price value of the coins. This is true for Bitcoin as BTC price changed following the move taken by top wallets holding Bitcoin. Ethereum top holders are doing the same as they started buying cryptocurrency more and more.
With the start of 2020, traders have witnessed that price went to its peak value, $290, to the year. But this bullish rally did not survive for long as it started going down and even dropped to $200.
After such a bearish move, it seems that Ethereum holders want from the Ethereum to rise again and prove another bullish trend. Crypto analytics firm, Santiment, reveals the fact of Ethereum accumulation on the part of top significant crypto wallets in its new insight, dedicated to Ethereum.
The top 100 holders of Ethereum are once again beginning to accumulate higher percentages of the total token supply, in spite of the ongoing consolidation that has been occurring for the past couple of weeks
Bullish Trend is Coming
Crypto Insights firm claimed that the activity on the part of influential wallets generally followed a bullish trend. The statement reads:
Generally, when this kind of accumulation starts to mount, it’s a signal that those who have the most stake in ETH…are beginning to have a collective sentiment of the token being undervalued…
However, they have also acknowledged that the price will take time to go above, making new record value. As Santiment says,
Sometimes these price rises take a bit of time after these accumulation rises, but it is generally a good sign for Ethereum bulls.
The Ethereum Platform is struggling to move its algorithm from proof-of-work to proof-of-stake. For this, they are launching the ‘0 Phase’ of Eth 2.0 this year but the whole transition to Eth 2.0 will take time, still unpredicted.