Market intelligence firm Santiment reports that deep-pocketed crypto investors are accumulating Ethereum (ETH) and that a rebound for the digital asset markets could be on the horizon.
In a new post on the social media platform X, Santiment say that ETH whale activity levels have risen to a six-week high, an encouraging sign that the top altcoin could spark a rally.
“Whale activity in Ethereum hit a six-week high as the price fell to $2,380 on Friday. Historically, this has been a sign of accumulation of key stakeholders with a lot of capital. While this is no guarantee that this will have an immediate effect on increasing prices, it is encouraging.”
Santiment’s chart shows that 6,428 new ETH wallets were created on October 24, the highest daily number since September 5.
The crypto analytics company goes further remark some catalysts for a potential market rally, including increased FUD (fear, doubt and uncertainty) and increased attention to memecoins, indicating that a rebound could be coming in the coming days.
“Solana, Jito, Cosmos and Jupiter were the notable highlights during a tumultuous up-and-down week for crypto markets. Data shows that meme coins have attracted higher interest, while Bitcoin is treading water.
Assuming the markets continue on their disappointing paths this weekend, expect sentiment to reflect some much-needed FUD, which would in turn imply a market rebound. [this] week.”
Ethereum is trading at $2,498 at the time of writing, up 1.9% over the past 24 hours.
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Generated image: Midjourney