Ethereum’s price is about to complete a ‘V-shape’ recovery that began after rebounding from the bottom around $1079. Meanwhile, the bears are also very active, attempting to drive down prices. However, the bulls and whales appear to be well positioned, with plans to propel the prices higher very soon.
Alongside, the on-chain data flashes bullish signals as the balance on the exchanges are drying up significantly. Moreover, the top addresses which may be referred to as whales could be accumulating more ETH as the supply held is reaching the skies.
It has to be noted that the supply on the top addresses had dropped heavily just before the Ethereum Merger. As soon as the event was accomplished, the whales began to intensify their accumulation. In a recent update, the addresses holding 100 to 100K ETH now hold 1.9% of the entire circulating supply as per the data from Santiment.
Previously, similar activity has witnessed the price ignite a rebound after the massive drop in 2020. The whales then accumulated nearly 2.1% of the entire supply which spiked the ETH price by 50% in the next 5 weeks. If a similar price trend is repeated, then the Ethereum price may propel high and reclaim the levels beyond $1800 very soon.