Santiment: Whales buy up Ethereum at record pace

02/12/2023
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Leading crypto analysis company Santiment reports that the largest non-exchange Ethereum (ETH) wallets, are buying up ETH at a record pace. The company says Ethereum wallets "represent an encouraging pattern".

The analysis firm notes that Santiment the 10 largest non-exchange Ethereum wallets are now holding more than 41 million ETH for the first time, while the 10 largest exchange wallets are holding just 8 million ETH, the lowest level in six months:

"More and more coins are moving to self-storage."

ETH is trading at $2,085 at the time of writing and is up 2.26% in the past 24 hours and nearly 13% in the past month.

However, not all of Ethereum's statistics look positive. Crypto trader Ali Martinez tells his 34,100 Twitter followers on social media platform X to pay attention to the Tom DeMark (TD) Sequential indicator.

The TD Sequential indicator is used by traders to predict potential trend reversals based on the closing prices of the previous 13 bars or candles. Martinez said:

"The track record of the TD Sequential speaks volumes! Its accuracy in predicting price movements of ETH on the four-hour chart is remarkable.

Currently, it is giving a sell signal at an important resistance level. If this signal proves true, we may see ETH pull back and move towards $2,000."

Despite its recent gains, ETH stands more than 57% lower than its all-time high of $4,878, which it reached in November 2021

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