Large Ethereum wallet addresses are once again being “filled” – this is a sign of a new cycle of accumulation taking place. It seems that the holders are trying to gather a lot of Ethereum to prepare for the announcement of the upcoming ETH 2.0 version.
ETH witnessed “accumulation”
Ethereum has established a price of $ 232.07, while avoiding the prospect of a drop to $ 200. Currently, unpredictable developments from large wallets show signs of a new accumulation cycle. Based on Santiment's statistics, ETH accumulation can be an indirect indicator of price.
The top 100 holders of #Ethereum are once again beginning to accumulate higher percentages of the total token supply, in spite of the ongoing consolidation that has been happened for the past couple of weeks. Generally, when this kind of accumulation starts to mount, it's a pic.twitter.com/Rr5C8vuE97
– Santiment (@santimentfeed) March 4, 2020
Santiment said the effect of the accumulation would certainly not directly explain the price rise. However, this trend shows that participants are starting to see the value of holding this coin.
Ethereum is becoming more liquid with new USDT cash flow
A positive factor for ETH is that the network is getting a new amount of Tether. A recent transaction has moved 200 million USDT from Tron's format to the Ethereum system.
ETH will also benefit from gas fees for the amount of Tether in the network. More than $ 2 billion flowing into ETH a day is from the pair trading with USDT. Besides, the market capitalization of ETH is also accounting for 10% of the total value of the industry.
Even so, in the short term, the possibility of ETH price decline is yes. This is because ETH is heavily dependent on the price of Bitcoin, the largest cryptocurrency in the market today.
At the same time, the process of accumulating in large wallets also makes many people think of PlusToken and the whales' desire to dump coins to price down. Currently, Bitfinex is the owner of the largest ETH wallet. In the top 10, PlusToken is a name that makes many people worried when this scam project is having 800,000 ETH. The wallet of the EthDev programming team also contains over 593,000 ETH (and has yet to be touched).
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According to Coin68 / Bitcoinist