#Ethereum Ethereum (ETH) price sees massive whale accumulation phase with 330K coins added
TLDR
Ethereum whales have accumulated 330,000 ETH (worth about $1 billion) in the past two weeks, suggesting strong institutional confidence.
Network growth rate doubled from 90K to 180K, indicating increased creation of new wallets and potential capital inflow
The supply on exchanges has decreased by 500,000 ETH since November 2024, while non-exchange addresses have increased their supply by 14 million ETH
Technical analysis shows a falling wedge pattern with a potential upside target of 17% to $4,000
Price is currently consolidating around $3,300, with key support levels at $3,057 and $3,132
Large Ethereum holders, commonly known as whales, have accumulated around 330,000 ETH over the past two weeks, worth around $1 billion at current prices. This accumulation comes as Ethereum price consolidates around the $3,300 level.
Data from blockchain analytics platform Santiment reveals a significant increase in the Ethereum network growth rate, which has doubled from the previous average of 90,000 to 180,000. This metric tracks the creation of new wallets on the Ethereum blockchain and serves as a key indicator of new capital entering the ecosystem.
The supply distribution data shows an interesting trend among wallets holding between 1,000 and 10,000 ETH. These addresses have increased their holdings by 330,000 ETH since early January 2025. This pattern mirrors a similar accumulation event in July 2024, when the same wallets accumulated 620,000 ETH before the price rose from $2,400 to almost $4,000.
On-chain metrics indicate a steady decline in the supply of ETH held on exchanges, falling from 10.89 million coins in November 2024 to 10.39 million in January 2025. This reduction of half a million ETH in exchange supply suggests a preference for long-term holding over trading.
Meanwhile, the supply held by non-exchange addresses has shown steady growth, increasing from 52 million ETH in March 2024 to 66 million in January 2025. This increase of 14 million ETH represents a significant change in holding patterns.
Price action remains contained within a falling wedge pattern on the four-hour chart. Technical analysts note that this pattern typically precedes price gains, with a potential target of $4,000, which represents a 17% upside from current levels.
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