The second largest cryptocurrency by market capitalization has been on the rise lately. After one of the biggest corrections since the beginning of the year, Ethereum has recovered to new highs.
Ether’s market value is up more than 30% from a low of $2,060 on the 23rd. April to a new high of $2,680 recently.
This sudden increase seems to be related to an increase in the number of whales in the net. Ethereum’s distribution graph shows that about eight new addresses between 10,000 and 1,000,000,000 ETH have joined the network in the past four days.
At first glance these may seem paltry figures, but the increasing pressure on buyers could translate into billions of dollars. These high net worth individuals own between $26.70 billion and $2.7 billion in RTD.
Distribution of Ethereum supply by quantity
While the recent bullish momentum could be accompanied by increased profit taking, the blockchain data shows that Ethereum is sitting on stable support.
Ethereum is trading above criticalsupport
TheBlock’s IOMAP (In/Out of the Money Around Price) model shows that about 37,000 addresses previously bought 8.30 million ETH between $2,300 and $2,330.
Such massive demand can drive down prices in the event of a sale. Owners in this area can do everything they can to ensure that their investments do not get out of hand.
In/Out of Money Around Price by IntoTheBlock
As long as the $2,315 support zone holds, Ethereum has a good chance of continuing to rise. However, if this demand barrier is broken, a retest of the $1,900 zone is likely as there is no support in between.
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