Ethereum Bullish Signal: Number Of Holders With 1 ETH Touches New ATH

Ethereum accumulation patterns have pointed towards bullish trends. Whales, as well as small investors, have started to fill up their bags with the altcoin after the crash that brought it down to the $2,100 level. This time around, it is smallholders going on an accumulation spree as the number of wallets holding at least 1 ETH, not their balance touches a new high.

New Milestone For Ethereum

The latest milestone for the digital asset has come after a disappointing week in the market. As the number of active investors in the crypto space continues to rise, so has the number of investors who are increasing their holdings over time.

Related Reading | Which Cryptocurrencies Suffered The Worse Collapse Since All-Time Highs?

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Previously, the number of Ethereum addresses holding at least 1 ETH had reached a new all-time high of 1,407,198. This had happened in the third week of January. Now, barely a week after that, Ethereum has hit a new milestone with this metric.

On-chain analysis firm Glassnode reported on Wednesday that the network had beaten its previous record. The new number now sits at 1,407,532 active addresses with at least 1 ETH on their balance.

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Glassnode also reported that the number of ETH addresses that are in loss has hit a new 19-month high. There are now a total of 22,673,372 ETH addresses that have invested in the digital asset that has recorded a loss.

Bull Rally Incoming?

Market sentiment is still in the negative, so getting back on a bull rally may be a little far-fetched right now. However, this will not be the first time that the crypto market would have jumped right into another bull rally when sentiment was low. Investors may be wary of putting money into digital assets like Ethereum but that does not mean that they are not putting any money into the market.

Related Reading | Ethereum Whales Quietly Filled Up On ETH While Broader Market Panicked

Ethereum whales have also been very active during this downtrend, filling up their bags with the ETH being dumped on the market. Addresses holding more than 10,000 ETH on their balances had collectively purchased about $500 million worth of ETH following the crash. It may not trigger a reversal but it’s enough to act as a stop-gap while the market figures itself out.

Ethereum price chart from

ETH trending at $2,400 | Source: ETHUSD on

On the price side of things, Ethereum has since recovered from its $2,100 low. It trended towards $2,700 but lost out at the $2,750 resistance point. Since then, ETH has been consistently trading in the $2,400 territory. With low momentum expected during the weekend, the digital asset will likely continue to follow this trend until Monday.

ETH is currently trading at $2,420 at the time of this writing, down 3.12% in the last 24 hours.

Featured image from Blockchain News, chart from


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Ethereum Whales Quietly Filled Up On ETH While Broader Market Panicked

Ethereum crumbled with the market during the last crash and is yet to recover to previous levels. The crash was characterized by sell-offs and liquidations from all angles, which continued even when the price dumped further. Fear of a bear market sparked this as investors wanted to get out before the price fell further. But not everyone followed this trend of dumping.

Whales have always been known to move differently from smaller investors when it comes to the crypto market and this time was no different. While investors panic sold their holdings at low prices, these whales quietly gobbled up the ETH being dumped on the market, increasing their dominance in the market once again.

Whales Fill Up On ETH

In the last few weeks, whales have taken advantage of the declining market values to buy cryptocurrencies at what can be essentially said to be a discount. The price of Ethereum had dumped as low as $2,100 following the crash, leaving even more room for the whales to increase their holdings. Smaller investors had followed suit but only after whales had bought hundreds of millions of dollars worth of ETH.

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Related Reading | Bitcoin Whales Take Advantage Of Market Crash To Gobble Up Millions In BTC

During this time, the number of addresses holding more than 10,000 ETH on their balances had also increased significantly. These whales had altogether purchased more than $500 million in ETH in only a couple of weeks.

Ethereum price chart from

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ETH recovers to $2,400 post-crash | Source: ETHUSD on

This renewed support from whales and smaller investors had worked to slow down the decline of the digital asset. But proved to be not enough to spark a rebound back up to previous values. Despite growing support from these large investors, the market has remained in extreme fear, pointing to intense wariness from investors. This has caused them to hold back from putting any more money in the market.

Ethereum Struggles To Stay Afloat

Since the crash towards the low $2,100, Ethereum has had a hard time recovering in the market. While a bounce-back that was triggered by pioneer cryptocurrency bitcoin saw it recover above $2,400, it has not recorded much in the way of upward momentum since then.

Related Reading | Which Cryptocurrencies Suffered The Worse Collapse Since All-Time Highs?

Indicators point to the week playing out with continued low momentum for the second-largest cryptocurrency by market cap. It had previously tested the $2,700 point on Wednesday but had promptly taken a beating down that brought it back to $2,400.

ETH is trading below its 5-day, 20-day, 100-day, and 200-day moving averages for the first time in a year. Market sentiments remain bearish with more downtrend expected to come as support from whales taper off.

As of the time of writing, the digital asset is trading at $2,461, down 2.97% in the last 24 hours. Trading volume is up significantly over the same time period but is yet to translate into a higher value for the asset.

Featured image from Nairametrics, chart from


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Bitcoin (BTC) $ 38,139.22 1.97%
Ethereum (ETH) $ 2,054.20 1.01%
Litecoin (LTC) $ 69.79 0.98%
Bitcoin Cash (BCH) $ 223.67 0.53%