Ethereum's macro range expansion fueled by growing whale accumulation.

Ethereum Reclaims $2.2K Macro Range as Whale Accumulation Surges

Ethereum's price has broken above the $2.2K macro range, a level not seen since mid-December, as a surge in whale accumulation has fueled the uptrend.

According to data from WhaleStats, a platform that tracks large-scale Ethereum transactions, the number of whales accumulating ETH has reached a 30-day high. This indicates that institutional investors and other large-scale holders are buying up the cryptocurrency, driving the price higher.

The latest data shows that over the past 24 hours, 14.5 million ETH have been transferred to whale addresses, a significant increase from the 10.5 million transferred in the previous 24-hour period. This influx of buying pressure has propelled the price of ETH above the $2.2K macro range, a level that has historically served as a strong resistance point.

The surge in whale accumulation has also been accompanied by a decrease in selling pressure. According to data from CryptoQuant, the number of ETH being transferred out of exchanges has decreased significantly over the past 24 hours, indicating that investors are holding onto their ETH rather than selling it.

The combination of whale accumulation and decreased selling pressure has led to a strong uptrend in ETH's price, with the cryptocurrency gaining over 10% in the past 24 hours. This move has brought the price of ETH to its highest level since mid-December, when the cryptocurrency was trading around $2,500.

The renewed interest in ETH has also led to a surge in trading volume, with over $10 billion in ETH being traded in the past 24 hours. This increase in trading activity has helped to fuel the uptrend, as more buyers enter the market and drive the price higher.

Overall, the surge in whale accumulation and decreased selling pressure has led to a strong uptrend in ETH's price, with the cryptocurrency reclaiming the $2.2K macro range. This move has significant implications for the broader cryptocurrency market, as it suggests that institutional investors are increasingly interested in Ethereum and its associated assets.