Ethereum Whales Spend $185 Million To Accumulate 70,000 ETH, Time To Buy?

Ethereum has largely followed Bitcoin's price action in recent months but has outperformed it in the past seven days, increasing by 13% compared to Bitcoin's 5.8% gain. This increase is attributed to large Ethereum holders who have been increasing their holdings. On-chain data from analytics platforms such as Glassnode and IntoTheBlock indicates an uptick in activity from Ethereum whales in the past few days. Large holders of Ethereum have added at least 70,000 ETH into their wallets since the beginning of last week. The number of Ethereum wallets holding 10,000 ETH or more has increased to 925 wallets, marking a gain of about seven new whale wallets. This heightened activity is considered a bullish indicator for cryptocurrencies. Ethereum whale activity has reached over $29 billion in the past seven days, with inflows of ETH into large holder wallets soaring to 515,520 ETH on September 23. Ethereum is currently trading at $2,626, and analysts believe that breaking above $2,700 could pave the way for a push towards $3,000 in October. Ethereum's importance in the crypto industry means that accumulating more ETH is never a bad idea. The recent increase in Ethereum's price is seen as the first step in a sustained move to the upside.