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Ethereum hits six-month high as sharks, whales play dump and catch

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Ethereum hits six-month high as sharks, whales play dump and catch

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  • Whales have been on a dumping spree in the past year, while sharks have been scooping up.
  • ETH’s price is over $1,700 for the first time in over six months.

Since the unfortunate events of 20222, Ethereum (ETH) has been fighting against the odds to recover and return to its previous price position.

However, during the past year, there has been a shift in the positions of large addresses toward their ETH holdings.

Read Ethereum (ETH) Price Prediction 2022-23

The Ethereum dump and scoop

Traders known as “whales” and “sharks” on Ethereum have seen a dramatic change in their portfolios over the past year, as reported by a recent post by Santiment.

By comparing the two groups’ charts, we can see that the proportion of whale holdings has decreased while that of sharks has increased. While whales have sold off 9.43 million ETH, sharks have added 3.61 million to their stash over the past year.

Ethereum (ETH) shark and whales

Source: Santiment

There has been a lot of selling pressure on Ethereum, and the activity of the whales over the past year and the amount dumped thus far are symptomatic of this. Even though the sharks’ stockpile was minor, it mitigated the effects of a sharp price drop.

Two MVRVs, one Ethereum

Ethereum has been undervalued for a long period, as shown by its Market Value to Realized Value (MVRV) ratio being below the breakeven point for 365 days.

In November 2022, it reached a low of -49%. With the MVRV in the red, sellers had greater reason to cut their losses, and the price followed suit.

As the price of the asset dropped during the sell-off, sellers suffered a hit, allowing new buyers to enter the market at a lower price.

Ethereum 30 and 365-day MVRV

Source: Santiment

A review of the 30-day MVRV revealed that buyers who had entered the trade within the previous 30 days had remained profitable for the most part.

As of this writing, the MVRV ratio was close to 5%. Even if the price dropped and there was an apparent sell-off by some whale addresses, the shark addresses that added to their stack are likely to be in profit.

ETH price hits six months high

The value of Ethereum (ETH) has steadily risen over the past week. As of this writing, it gained close to 4% in a day’s trade, trading at roughly $1,740.

A closer examination of the daily timeframe chart revealed that the current price range was the highest in over six months. Also, support was forming around the $1,430 price level, with the support area depicted by the short Moving Average (blue line).

ETH/USD daily timeframe price move

Source: TradingView

Is your portfolio green? Check out the Ethereum Profit Calculator

Despite the dump by the whales, the supply of Ethereum on exchanges has not increased, as seen by the supply on exchanges indicator on Santiment.

As of this writing, there was a net drop in the amount of ETH supplied to exchanges—about 12.9 million ETH were available on trading platforms.

Ethereum supply on exchanges

Source: Santiment


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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