The price of Ethereum (ETH) has recovered above USD 1,260 after wiping out losses from recent months. After the local bottom of the Ethereum price on December 16, major wallet investors in the crypto market began to pick up ETH tokens in droves. And due to increased whale activity in recent days, Ethereum has experienced a 5% price increase.

Massive whale activity recorded

Santiment, an on-chain analytics platform, reported 611 transactions made by whales in the past day; which was valued at over $100,000. However, on Thursday, that number picked up steam and rushed to 419 transactions, which totaled about $1 million.

The data also suggested that there was an ever-increasing demand for Ether among the whales, lending credence to the previous statement.

Ethereum (ETH) price increase

This peak reported by Santiment is of a larger magnitude than the one on December 16. One interpretation of this data point is that it indicates that whales are bullish on the altcoin and, as a result, will buy more while the opportunity arises. This kind of support from such massive holders could keep the surge going and further push Ethereum prices higher.

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Following the successful shift from the proof-of-work consensus process to the proof-of-stake consensus mechanism, the next major milestone for ETH holders will be the undoing of Ethereum from the December 2020 contract. In recent weeks, developers have prioritized unlocking tokens over other upgrades to the ecosystem, planning for it to happen after the Shanghai hard fork.

As things stand, the price of Ethereum (ETH) is currently trading at $1,259. This represents a 0.02% increase over the past 24 hours, which contrasts with the 4.9% increase over the past seven days, according to crypto market tracker CoinMarketCap.

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Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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