Whales announced to be accumulating Ether (ETH), with the percentage of ETH supply controlled past the peak 100 wallets standing virtually 25%.

The observation was made by blockchain data analysis house Santiment, who tweeted that the centralization of ETH among acme wallets suggests that whales are accumulating.

Santiment argues that the data indicates large investors "take a commonage sentiment of the token existence undervalued and believe it'due south a nifty mid to long-term agree play."

Even so, the company cautioned that signs of accumulation do not guarantee parabolic price action in the short term stating, "Sometimes these price rises take a flake of time afterwards these aggregating rises."

Top 100 wallets stand for an unknown plurality of investors

Despite Santiment's analysis, the elevation 100 wallets represent a plurality of investors equally many of the 20-largest wallets are owned by exchanges.

Co-ordinate to TokenAnalyst data, the wallets of Huobi, Binance, Bitfinex, Poloniex, Okex, Gemini, Kucoin, Bitstamp, Kraken, and Bittrex hold roughly xviii.5 one thousand thousand ETH combined, equating to sixteen.8% of Ethereum's full supply.

Whales may exist accumulating in anticipation that the Ethereum 'ETH 2.0' revamp may drive another bull flavor for the 2d-largest crypto by market place capitalization.

ETH 2.0 refers to a number of major upgrades planned for the Ethereum protocol to address speed and scaling issues, including proof-of-stake and sharding.

ETH breaks out of sideways consolidation

The speculation of increased ETH accumulation comes amid roughly one calendar week of sideways consolidation at the $225 area. The Ethereum markets have since jumped by nearly 6% — with ETH currently trading for roughly $240.

ETH/USD 4-Hr Chart. Source: TradingView

ETH/USD four-Hr Chart. Source: TradingView

The consolidation has followed nine consecutive green weekly candles, with last week'southward behave candle comprising the sole ruddy candle of 2022 so far. Despite the week'southward nearly 25% sell-off, ETH is still upwards 80% this year.

ETH/USD 1-W Chart. Source: TradingView

ETH/USD 1-Westward Chart. Source: TradingView

When measuring against Bitcoin (BTC), ETH has gained virtually 47% since the get-go of the year. After retracing by roughly 10% last week, ETH is currently testing major resistance at the 0.026 BTC expanse.

ETH/BTC - 1-W Chart. Source: TradingView

ETH/BTC - one-W Chart. Source: TradingView