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Ethereum whales accumulate as Merge scheduling pushes price above $1,500

Ethereum whales accumulate as Merge scheduling pushes price above $1,500

Ethereum (ETH), the second-largest asset by market capitalization in the cryptocurrency sector, is making tremendous progress as the industry as a whole is beginning to get back on its feet after being knocked down by a recent bearish storm.

Ethereum has recently surpassed the $1,500 mark, increasing its value by over 45% in a single week, and resurrecting the wealthy crypto investors’ confidence, according to the CoinMarketCap data acquired by Finbold on July 19.

The renewed assurance of the token’s bullish future has pushed Ethereum whales into the accumulating mode, as demonstrated on a chart shared by the AI-powered crypto market analytics firm IntoTheBlock on July 18.

Ethereum historical concentration among whales versus price. Source: IntoTheBlock

As visible in the chart, after a period of slower accumulation in mid to late June, the whales’ ETH hoarding activity picked up strongly and reached 22.41% of the total token holdings, improving the market sentiment and bringing up its price toward the $1,500 mark.

The Ethereum Merge scheduling effect

Positively affected by the recent news of the Ethereum Merge getting tentatively scheduled for the second half of September, the price of the decentralized finance (DeFi) token surpassed the $1,500 mark, growing by more than 45% in only one week.

Meanwhile, a panel of 53 fintech experts is also bullish on the future price of Ethereum, predicting it would reach $1,711 by the end of 2022, $5,739 by the end of 2025, and $14,412 by the end of 2030, with 78% of them certain that the Merge will have a positive impact on the price hike.

As things stand, Ethereum is currently trading at $1,559, which is a 5.28% improvement on the day and a 45.39% gain across the previous seven days, as per CoinMarketCap data.

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