Glassnode data shows that 'mega whales' have significantly increased their total ETH holdings to over 41.06 million ETH as of Monday.
The accumulation speed for Ethereum wallets with 10,000 Ether or more is higher than before the 95% surge in mid-2022, potentially signaling a significant rally.
Historical patterns suggest that large holders accumulating ETH ahead of the market could lead to a substantial upward movement in price, especially considering the stagnant market conditions.
The daily chart for Ether indicates trading within a bull pennant pattern, with a potential breakout expected in the direction of the prior trend, possibly supporting a rally scenario.