Ethereum is making headlines again as its value climbs past the $3,200 threshold. Recent on-chain data points to significant accumulation by "shark" investors, suggesting robust confidence in the cryptocurrency's future trajectory. This trend highlights a renewed bullish momentum driven by key market players and expanding network engagement.
Whale Watching: Sharks Fuel Ethereum's Rise
On-chain analytics firm Santiment reports a noticeable surge in the supply held by Ethereum's "sharks." These influential investors, defined as those holding between 1,000 and 10,000 ETH (equivalent to approximately $3.2 million to $32 million), have been actively buying. Between November 18th and December 2nd, these entities collectively acquired an astounding 450,000 ETH, worth an estimated $1.4 billion. This aggressive accumulation coincided directly with Ethereum's recent price recovery and notably continued even when the market experienced a brief dip at the beginning of December, signaling unwavering belief in the asset's long-term potential.
Network Growth Signals Sustainable Rally
Further bolstering Ethereum's bullish outlook is its increasing network activity, as indicated by the "Network Growth" metric. This on-chain indicator tracks the daily count of new addresses making their first transaction on the Ethereum network. The metric recently reached a peak of 190,000 new addresses, a significant surge. Historically, an uptick in network activity is a strong positive sign for any rally's sustainability, demonstrating the network's capacity to draw fresh attention and onboard new participants. Currently, Ethereum is trading around $3,185, reflecting a more than 5% increase over the last seven days, underpinned by these compelling on-chain indicators.
