Ethereum Surges as Whales Go on Buying Spree, Will $1,700 be the Next Milestone?

Ethereum’s Recent Surge

Ethereum (ETH) has been on a bullish trend in the past few days, regaining major losses in its value from last week. The cryptocurrency’s price has soared from a low of $1,400 to trade above $1,600. The surge in ETH’s price can be attributed to several whales buying up a large amount of ETH. These whales who once had a balance of 1,000 to 10,000 ETH have added a massive 400,000 ETH to their ETH balance. This accumulation is estimated to be worth about $600,000,000 and has been attributed to the current ETH surge.

ETH whales go on buying spree | Source: Santiment

Ethereum’s Whales on a Buying Spree

Ethereum’s whales have been on a buying spree over the past weeks. NewsBTC reported that Ethereum whales with non-exchange addresses added more than 25 million ETH to their balance, a figure that was last seen in 2016. In 2016, when the top wallets held this much ETH, the price of ETH surged by over 1,000%, from a meager $0.93 to over $12 by the time the rally was done. The whales have also expanded their interest to other altcoins such as Shiba Inu (SHIB) and Polygon (MATIC).

Ethereum’s Rally Continues

Despite the recent negative news in the industry, Ethereum has continued to show a bullish trend since Sunday. Over the past three days, Ethereum has added over $30 billion to its market cap, surging from a March 11 market cap low of $174 billion to $206 billion. With whales currently accumulating a large amount of ETH, the cryptocurrency could soon revisit the $1,700 mark for the first time since the February surge.

Conclusion

The surge in Ethereum’s price can be attributed to whales accumulating a large amount of ETH. With the cryptocurrency’s market cap on the rise and whales continuing their buying spree, ETH could soon hit the $1,700 milestone.

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