ETH Outperforms BTC As Whales Accumulate This Week

The latest Ethereum news show that the second most valuable digital asset and biggest altcoin has seen a wave of buying in the past 24 hours. We can see that this is what gave strength to the coin and how ETH outperforms BTC in the past day, rising with double digit gains and leaving the most valued coin in the dust.

As of press time today, we can see that Ethereum is up by more than 8%, now sitting at $169. It managed to breach the $170 levels this morning, too – trading at a price of $174 per token. Bitcoin, meanwhile, added a couple of points to go above $7,300 and it is still within this mark. The biggest price for BTC today was $7,431 per coin recorded this morning.

ETH outperforms BTC and it did that in the past week and 3 months, stats show. Bitcoin, on the other hand, outperformed Ether in the past month and past 12 months.

Currently, the latest cryptocurrencies news are showing a mix of reds and greens. However, the latest surge for ETH comes as blockchain analysis tools developed by the analytics firm Into The Block show a bullish sentiment surrounding Ethereum – rather than the one for Bitcoin.

Most notable is the “concentration of large holders” which has increased and is now showing a positive change of 0.26%. As usual, the accumulation of coins by the largest holders – referred to as whales – is seen as bullish for the price.

Despite the positive accumulation of coins by large Ethereum holders, the same metric indicates a negative value of -0.04% per BTC, indicating a slight bearishness by the largest investors in the Bitcoin market.

If we dive deeper into the technical charts and analyses, ETH outperforms BTC and is looking relatively strong at the moment. There is some resistance that can be found around the $190 level but the Ethereum news show that this is a level that the price was at just before the major market crash on March 12.

The low afterwards which reached $90 for ETH showed that ever since then, Ethereum managed to rise by 93% and almost recovered all of its losses from this ugly sell-off. Meanwhile, Bitcoin is up by 76% since then.