The largest Ethereum whales in existence are accumulating ETH as the asset’s price continues to tick downwards.
Crypto analytics firm Santiment says Ethereum’s top 10 largest addresses went from owning as low as 18.46% of the total Ethereum supply after mid-May – when ETH achieved its all-time high – to 20.58% by July 13th.
For those top 10 addresses, that’s the highest ETH ownership percentage since May of 2017, according to Santiment.
The analytics firm says that the accumulation of stakeholders is a good sign for Ethereum’s potential price recovery.
“This chart is indicative of the largest stakeholders continuing to accumulate while prices have fallen more than 50% from their AllTimeHigh levels. It is a bode of confidence that prices can and will recover at some point.”
Santiment also notes that miner balances have been rising steadily for the past month, a sign that people who power the network are not inclined to sell.
Ethereum is trading at $1,954.02 at time of writing and is down more than 8% in the past week, according to CoinGecko.
Santiment says if ETH can hold above $1,800, it will have a chance to test the “resistance trend line” at $2,200.
“ETH’s price action continues to linger around a bearish bias, with it hanging on to a very important support now. Bulls really need to step in soon (for a bounce at the very least), else bears shall continue their downward trend.
On-chain metrics are showing some positive signs but it’s still too early to say whether we bottomed out.”
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Featured Image: Shutterstock/Dai Mar Tamarack