– Ethereum network’s large wallet investors have been accumulating ETH tokens consistently for six months.- ETH price recovery is likely to be catalyzed by declining exchange supply and rising whale accumulation.- ETH yielded 3.15% weekly gains, amidst marketwide recovery of cryptocurrency prices.Ethereum witnessed a spike in the holdings of large wallet investors in the network.Supply of the [altcoin](https://www.fxstreet.com/cryptocurrencies) held by large addresses, as a percentage of the total supply has climbed consistently between May and November 2023.ETH price remained unchanged in the past 24 hours after the asset offered 3.15% gains to holders.Also read: [Cardano price suffers decline with rising whale activity, ADA holders remain optimistic](https://www.fxstreet.com/cryptocurrencies/news/cardano-price-suffers-decline-with-rising-whale-activity-ada-holders-remain-optimistic-202311040603) Ethereum whale accumulation signals upside volatility Large wallet investors in [Ethereum](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-spikes-in-response-to-us-nonfarm-payrolls-for-october-202311031305) added to their ETH holdings consistently over the past six months.Based on data from crypto intelligence tracker, Santiment, there is a spike in ETH price and the token’s supply held by large wallet investors in the network, seen in the chart below.
Ethereum supply on exchanges declined consistently, reducing the selling pressure on the asset.A reduction in exchanges’ reserves of [ETH](https://www.fxstreet.com/cryptocurrencies/news/cardano-price-suffers-decline-with-rising-whale-activity-ada-holders-remain-optimistic-202311040603) is conducive to Ether’s long term gains.ETH supply held by top addresses vs price According to data aggregator IntoTheBlock, this week, $210 million worth of ETH left centralized exchanges, this marks the largest seven-day net outflow since August.Ethereum price is $1,834 on Binance, the asset climbed 11.33% in the past month.
ETH is poised for further gains, on account of the conducive macroeconomic environment and the upcoming upgrade in [Ethereum](https://www.fxstreet.com/cryptocurrencies/ethereum).The US Fed held interest rates steady this month and the job market started cooling off, both these macro events are conducive to a recovery in risk assets and support a bullish outlook among [ETH](https://www.fxstreet.com/cryptocurrencies/news/ftx-customers-form-voting-block-to-claw-back-funds-after-sam-bankman-fried-conviction-202311031150) traders.Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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The author has not received compensation for writing this article, other than from FXStreet.FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.[Join Telegram](https://t.me/fxstreetcrypto) Follow us on Telegram Stay updated of all the news Recommended Content Editors’ Picks [Bitcoin price spikes in response to US Nonfarm Payrolls for October](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-spikes-in-response-to-us-nonfarm-payrolls-for-october-202311031305) [](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-spikes-in-response-to-us-nonfarm-payrolls-for-october-202311031305) The US economy added 150,000 jobs in October, coming in below market expectations of 180,000.As the job market cools, the NFP data is likely to drive upside volatility in Bitcoin and altcoins.
[More Bitcoin News](https://www.fxstreet.com/cryptocurrencies/bitcoin) [FTX customers form voting block to claw back funds after Sam Bankman-Fried conviction](https://www.fxstreet.com/cryptocurrencies/news/ftx-customers-form-voting-block-to-claw-back-funds-after-sam-bankman-fried-conviction-202311031150) [](https://www.fxstreet.com/cryptocurrencies/news/ftx-customers-form-voting-block-to-claw-back-funds-after-sam-bankman-fried-conviction-202311031150) Around a hundred FTX customers have joined a block that represents more than $230 million in claims.The coalition is voting for a plan that includes FTX 2.0, recovery and equity token, and preference settlement.[More Cryptocurrencies News](https://www.fxstreet.com/cryptocurrencies) [Ripple price rally to $0.66 likely with bullish developments in the altcoin](https://www.fxstreet.com/cryptocurrencies/news/ripple-price-eyes-double-digit-gains-as-xrp-utility-gets-a-boost-in-dubai-202311030611) [](https://www.fxstreet.com/cryptocurrencies/news/ripple-price-eyes-double-digit-gains-as-xrp-utility-gets-a-boost-in-dubai-202311030611) Ripple price sustained above the $0.59 level, on Friday, close to its $0.62 local top.
On-chain indicators reveal a rising demand for XRP tokens among market participants.
[More Ripple News](https://www.fxstreet.com/cryptocurrencies/ripple) [SUI TVL surpasses $82 million despite price decline](https://www.fxstreet.com/cryptocurrencies/news/sui-tvl-surpasses-82-billion-despite-price-decline-202311030817) [](https://www.fxstreet.com/cryptocurrencies/news/sui-tvl-surpasses-82-billion-despite-price-decline-202311030817) Total value locked in SUI climbed to $82.62 million as the protocol gains relevance among traders.SUI token unlock event increased selling pressure on the asset, the token nosedived nearly 5%.[More Cryptocurrencies News](https://www.fxstreet.com/cryptocurrencies) [Bitcoin: BTC threatens correction to $30,000 amid lack of ETF news](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-threatens-a-drop-as-sell-signals-multiply-amid-lack-of-etf-news-202311010851) [](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-threatens-a-drop-as-sell-signals-multiply-amid-lack-of-etf-news-202311010851) Bitcoin (BTC) price, on the daily time frame, showcases not one but multiple sell signals.To add to its woes, on-chain metrics are also showing profit-taking en masse.
While the rally prompted by the potential ETF approval has propelled BTC so far, the lack thereof could also knock the pioneer crypto lower.[Read full analysis](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-threatens-a-drop-as-sell-signals-multiply-amid-lack-of-etf-news-202311010851).
