The cryptocurrency market has seen a period of consolidation recently, with Bitcoin remaining below the $70,000 mark. Ether, the second-largest cryptocurrency by market capitalization, is also trading under the $2,000 level, despite registering a minor increase of less than 1% in the past 24 hours.
Currently, Ether is priced above $1,970 per coin. This slight uptick coincides with ongoing accumulation by large holders, commonly referred to as whales. These entities, which possess between 10,000 and 100,000 ETH, had temporarily paused their purchasing activities last week. However, their long-term strategy of accumulating ETH remains robust.
Insights from CryptoQuant indicate that whale activity continues to influence the market dynamics for Ether. The current market conditions appear to be favorable for these large holders, as they take advantage of lower price levels to increase their holdings. This trend suggests a potential for future price support for Ether, as the accumulation by whales often signals confidence in the asset”s long-term value.
As the market stabilizes, investors are keenly observing these accumulation patterns, which could lead to significant movements in Ether“s price in the coming days. The ongoing consolidation phase may provide opportunities for traders and investors alike to strategize their positions in the market.
