Ethereum price hits 8-month high above $1.9k as sharks accumulate $4.2B of ETH

Ethereum price has crossed above $1,900 for the first time in eight months on Wednesday morning, trading to intraday highs of $1,920 across major exchanges. The bullish move has ETH trading towards the psychological price level of $2,000 – which was last visited in mid-August 2022.

Ethereum price breaks above $1.9k

According to crypto market intelligence platform Santiment, Ethereum’s latest price move comes amid a period of intense accumulation by sharks.

On-chain data shows Ethereum wallets holding 100-100,000 ETH have added more than 2.27 million Ether coins to their portfolios in the past nine months, accumulating a total of $4.24 billion worth of the token in that period.

ETH sharks have been busy since last summer, Santiment analysts pointed out on Tuesday as ETH/USD crossed back above $1,870 for the first time since trading lower in August 2022.

Indeed, after losing support at $1,835 on 17 August, Ethereum prices dropped more than 15% in two days to touch lows of $1,603. A 40%+ dump after the FTX debacle had seen ETH prices fall to lows of $1,071 in November (TradingView data on crypto exchange Bitstamp).

On-chain data shared by Glassnode also shows more buying pressure from small holders. On 5 April, the number of addresses holding 0.01+ coins hit an all-time high of 23,558,464.

ETH price outlook

Ethereum is poised for a bullish breakout in the short term if the buyers breach the supply wall expected around $2,000. The daily RSI is not overextended yet even as it trends towards the overbought territory.

According to pseudonymous crypto trader and analyst HornHairs, ETH/USD only has one higher time frame resistance before “thin air” – suggesting a major breakout ahead of the highly anticipated Shanghai upgrade.

The analyst also says ETH/BTC looks strong.