Ethereum whales accumulate $600M in ETH; Is the green still an anomaly?

ambcrypto.com:

Like a ton of assets in the crypto-market, Ethereum’s [ETH] price jumped over the weekend. Even at press time, the second-largest cryptocurrency in market value maintained a 5.11% hike in the last 24 hours. Needless to say, this has brought some calm to the market. Especially since much of it was flashing red over the weekend. 

Read Ethereum’s [ETH] Price Prediction 2023-2024

However, despite the gains registered on the charts, whales did not seem to be content. As pointed out by Ali_charts, a crypto-analyst on Twitter, addresses holding 1000 to 10000 ETH added $600 million to their holdings.

The information, derived from Glassnode, revealed that the whales took the action when ETH was still hovering above $1,680 on the charts. 

— Ali (@ali_charts) March 14, 2023

So, does the accumulation mean ETH still has a tendency to climb further? Well, according to Glassnode, the Network Value to Transaction (NVT) signal had a reading of 98.45, at press time. The metric often reflects the 90-day moving average trend of the daily transaction volume, rather than a day-to-day valuation. 

Compared to its value in recent times, the aforementioned NVT signal is a high one. And, the last time it was as high was back in February 2020. Hence, it seemed to confirm that investors were pricing ETH at a premium while the market cap’s growth outpaced its on-chain transaction volume.

Source: Glassnode

While the aforementioned metric considered ETH as being currently overpriced , more of the altcoin has been in circulation over the