Ethereum is on the move. Towards the end of 2022, the crypto market's whales and sharks have entered a phase of rigorous accumulation. They have begun adding several classes of cryptocurrencies to their holdings, including stablecoins, memecoins, and other altcoins.
In recent news, these whales and sharks have now taken an active interest in Ethereum, the second-largest cryptocurrency by market volume, especially now that cryptocurrencies across the market are starting to recover from the effects of the FTX crash earlier in November.
According to an analytics tweet by Santiment, these Ethereum whales have now added massive amounts of Ethereum to their holdings in two days.
Santiment, in a tweet, posted that the whales and sharks are adding more Ethereum to their holdings as the price of the cryptocurrency fluctuates around $1,230.
The on-chain data analytics platform also noted that these whale and shark addresses (holding between 100 and a million ETH) have now accumulated one-third of the total Ethereum supply and have collectively added 2.1% more of the cryptocurrency to their holdings over the last month.
Santiment also noted that these addresses had accumulated about 561,000 $ETH, or about $700 million, as their holdings increased and returned to the pre-Merge levels.
According to data from CoinMarketCap, however, the cryptocurrency is trading around $1,233 and has not been doing so well from a daily or weekly perspective.
Ethereum is up by 0.39% over the last day and has taken a -3.72% beating over the last week.
Over the medium term, Ethereum has been in a bearish flag formation since July this year. After hitting the top of the flag at around $1,600, the FTX crash sent the price of the cryptocurrency tumbling down from this high to a low of $1,077.
Ethereum has begun a slow but steady ascent to the top of the flag again and is now struggling around the $1,300 zone.
Over the last few weeks, the cryptocurrency has tested this zone and has been rejected thrice on the hourly charts by the bears.
Over the last 24 hours, Ethereum broke below its 20-day EMA, suggesting that the bears may hold more influence over the Ethereum market than previously thought.
So far, the single, most important resistance zone Ethereum has to worry about at this point is the $1,300 zone.
Failure of the bulls to push the price of the cryptocurrency over this line would result in the bears taking advantage and sinking the price towards the bottom of the flag formation, and lower than the lows the cryptocurrency hit after the FTX dip.
The next target for Ethereum, if the bears win, would be $1,008. On the flip side, if the bulls succeed and push the price of the cryptocurrency above $1,300, a rally to the $1,500 zone or beyond seems likely.
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