On-Chain Analysis : Ethereum (ETH) Shoots 10% as Non-Exchange Whale Holdings Hit 5-year high

Amid the strong broader market recovery today, the world’s second-largest cryptocurrency Ethereum (ETH) is up 10% today. As of press time, Ethereum is trading 9.48% up at $2,373 and a market cap of $277 billion.

The price rally in ETH could be because of multiple factors. Strong rumors that e-commerce giant Amazon might soon integrate Ethereum payments along with Bitcoin by the end of this year. On the other hand, on-chain data shows that the supply held by Ethereum’s top ten non-exchange whale addresses has hit a 5-year high. On-chain data provider Santiment reported:

“Ethereum’s top 10 non-exchange whales are adding on to their holdings, as their 21.3M $ETH held this week established a new 5-year high. Meanwhile, top 10 exchange whales recently hit a low of 4.66M $ETH, the lowest since ETH’s 2015 inauguration”.

In another milestone, the total number of validator nodes on the Ethereum 2.0 blockchain has crossed 200,000. At the same time, a large number of Ether (ETH) are staked with deposit contracts on Ethereum 2.0.  The pledged deposits in these contracts have crossed 6.4 million ETH with a total pledged value of $13.5 billion.

Ethereum Exchange Supply Declining

While the ETH price has been trading under pressure for the most part of the last month, the supply at the exchange has also been on a constant decline. All exchanges are having a negative net position for Ethereum and the exchange outflows have shot up significantly. The net ETH outflows at the exchanges have reached the levels of September 2020.

If we look at Ethereum (ETH) price on the weekly chart, it has gained 23.46% in the last seven days. Besides, today’s price surge has been backed with a strong surge in the ETH trading volumes. If the ETH price manages to move past its 50-day moving average (DMA) of $2450, it will setting up itself for an upward journey.