Ethereum has largely mirrored Bitcoin in terms of price action and has yet to break out of my own free will over the past few months. According to price data, Ethereum is up 13% over the past seven days, outpacing Bitcoin’s 5.8% gain over the same period. Behind this intriguing Ethereum surge are some immense Ethereum holders who appear to be increasing their holdings.

Interestingly, on-chain data from multiple analytics platforms indicates an raise in Ethereum whale activity over the past few days. In particular, Glassnode data suggests that immense Ethereum holders have added at least 70,000 ETH to their wallets since the beginning of last week.

Ethereum Whales Spend Big on ETH

The intriguing Ethereum whale activity mentioned above was revealed using an on-chain analytics platform Glass knotAs shown in the chart below, the number of Ethereum wallets holding 10,000 ETH or more has increased over the past 24 hours, increasing to 925 wallets. This represents an raise of about seven modern whale wallets that have accumulated a huge amount of ETH tokens, up from 918 wallets registered on September 18.

Supporting this trend, additional data from IntoTheBlock (ITB) indicates an raise in activity from addresses holding significant amounts of Ethereum. ITB is tracking these movements by a specific metric which tracks the number and value of transactions exceeding $100,000. By this metric, Ethereum whale activity has reached over $29 billion over the past seven days. While this number includes both inflows and outflows from whale wallets, the sheer scale of these transactions is noteworthy. Historically, such high levels of activity from immense holders tend to be bullish for cryptocurrencies.

This increased activity is even greater reflected in the tributaries ETH to immense holder wallets. On September 23, these inflows skyrocketed to 515,520 ETH, an impressive 440% raise compared to the 95,820 ETH recorded in the previous 24 hours.

Time to buy ETH?

At the time of writing, Ethereum is trading at $2,626. As mentioned earlier, this is the result of a 13% raise over the past seven days, which has resulted in an oversupply of Ethereum for the first time in Bitcoin history since the beginning of the year. The leading altcoin has mirrored Bitcoin’s moves so consistently that some analysts have questioned its potential for a breakout anytime soon.

The importance of Ethereum in the cryptocurrency industry means that there is it’s never a bad time to accumulate more ETHEthereum just passed $2,600 for the first time in Septemberwhich is the first step in a sustained move higher. The next key target is to break above $2,700 before the end of the month, which could pave the way for a rally towards $3,000 in October.

Featured image created with Dall.E, chart from Tradingview.com