Ethereum (ETH) Whales Are Buying the Dip as the Number of ETH Wallets Surges

Ethereum price is showing signs of a weekend recovery after suffering a 15% dip last week.

Fresh Santiment data showed that large holder inflows were higher than outflows during the last 24 hours.

Inflows stood at 547,230 ETH, while outflows were lower at 321,650 ETH. This indicated strong buying pressure from whales, amounting to over $743 million.

The large holder activity suggested that the cryptocurrency could see some relief in the coming days. However, this would depend on the bears easing their grip and demand continuing to rise.

Meanwhile, Ethereum exchange flows have been declining, showing a decrease in both sell pressure and buy pressure.

Exchange flows dipped to levels last seen in the first week of November, which was the same zone that saw a strong wave of demand, fueling the rally from November to December.

ETH exchange outflows were higher than inflows in the last 24 hours, which was consistent with the surge in demand from whales.

After tanking by 15% last week, ETH price showed a 2.79% recovery in the last 24 hours.

This signaled a potential pivot after a bearish week, where the cryptocurrency gave up the gains achieved in the first week of January.

The next major support level was observed at the $3,036 price point if the bear pressure continues.

However, the cryptocurrency could avoid this retest if it manages to gather enough demand for a pivot, as it was back in the green zone at the last check. This also lined up with the recent surge in whale inflows.

Multiple indicators suggested that Ethereum price was likely to bounce back after the recent crash, but this outcome would be determined by the return of strong demand.

Analysts were keeping an eye on institutional demand via ETFs to gauge whether the coming week would bring more upside for ETH.