The crypto market has been in a period of consolidation over the last two weeks, with Bitcoin finally finding a footing above the $9k mark after pulling back under the price level. Ethereum, too, has been consolidating, and it seems that big holders have some admiration for the second-largest crypto by market cap. More interestingly, the top 100 ETH holders are still accumulating.
According to data presented by crypto market insights and charts provider Santiment, the fact that the top ETH holders are accumulating during a period of consolidation is a sign of good faith that plays in Ethereum’s favor.
There seems to be a general consensus among the big Ethereum holders that the crypto is undervalued, and that might be the driving force behind the extended accumulation. This may turn out to be bullish for the crypto as more people play into the FOMO. Indeed, this kind of scenario has been witnessed many times in the past especially with regard to Bitcoin.
The sentiment that Ethereum may be greatly undervalued hasn’t begun today. It’s something that many have shared numerous times over the last couple of years. During the crypto peak of 2017, Ethereum rose to around $1,400 before the market fell back. At the moment, Ethereum is priced at around $238 – according to data from Coinmarketcap.
Mid To Long-Term Bullish Play
Basically, the current wave of accumulation is meant for mid to long-term holding as the crypto market continues to mature. From an optimistic point of view, it’s expected that most of the top cryptos will recoup and possibly surpass their ATH (All-Time High) price of December 2017.
In that case, Ethereum would be expected to surpass the highs of $1,432 in the future. That prospect is amplified by the possible market-wide bullish wave that’s expected to accompany Bitcoin’s spike after the halving in May.