The number of Ethereum whales with at least $ 10k ETH increased by 4.2% within two weeks. According to data from the team at the Santiment feed, it turned out that there were 1,220 Ethereum whales with at least 10k ETH out of 1,171 in the above time frame. Moreover, the Ethereum whales’ backlog is a reflection of the rising sentiment on the digital asset.

 

 

The team at Santiment shared their observations through the following description and accompanying chart showing the rise of Ethereum whales.

Are Ethereum’s whales coming out of their positions in a herd? Answer is no. The number of addresses with at least 10,000 ETH held has increased from 1,171 to 1,220 in the last 2 weeks and increased by 4.2%.

Ethereum’s rise is also reflected in its on-chain activity.

First, Ethereum’s 30-day average daily trading volume reached an all-time high of $ 23 billion. This is evidenced by data from the team at The Tie, who shared it via the chart below.

Second, as Ethereum surpassed the $ 1,300 price cap, the ETH hash rate reached all-time highs as explained by the team at Coinmetrics in the following statement.

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Despite the rapid price action, the fundamentals still seem strong. Amidst price volatility, the Bitcoin and Ethereum hash rate is always at its highest. This shows that network security is healthy and miners continue to support both networks.

In summary, the fundamentals surrounding Ethereum point to an emerging future for ETH. However, Ethereum’s ability to break its all-time high of $ 1,432 seems to be possible only with a stable Bitcoin. If BTC experiences a sideways or gradual movement in either direction, ETH can retest all-time highs in the following days or record a new rise.

Conversely, the depreciation of Bitcoin could ultimately cause Ethereum to lose support for $ 910 yesterday, ETH’s local low. Such a scenario would delay Ethereum from breaking or reaching an all-time high.

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