Ethereum Price Drops 10%, But On-Chain Data Shows Whales Know Something Big

• Ethereum drops 10% after Israel-Iran conflict shocks global markets.
• Whales accumulate 1.49M ETH, now hold nearly 27% supply.
• Analysts target $3,200 if ETH breaks current trading range.

Ethereum (ETH), the world’s second-biggest cryptocurrency, has had a tough time on the charts lately. On Thursday, ETH’s price fell by nearly 10%, breaking below some important levels. The overall crypto market has been under pressure because of rising tensions in the Middle East, especially after the latest conflict between Israel and Iran.

But while retail traders have been selling off and booking profits, something interesting has been happening on-chain. According to new data from crypto analytics firm Santiment, whales have quietly been adding more Ethereum to their wallets.

On-Chain Data Shows Whales Quietly Accumulating 1.49M ETH

Right now, there are 6,392 wallets holding between 1,000 and 100,000 ETH. Over the past month alone, these wallets have bought an extra 1.49 million ETH, increasing their holdings by 3.72%.

Related: Two Key Signals Emerge That Could Trigger a Major Crypto Rally

This means these large holders now own around 2…

The post Ethereum Price Drops 10%, But On-Chain Data Shows Whales Know Something Big appeared first on Coin Edition.