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The price of Ethereum gas has dropped to its lowest level since July 2021

During the current market downturn, Ethereum (ETH), the world’s second-largest cryptocurrency, has seen a significant correction. While Ethereum’s price is stuck around $2,000, on-chain data points to a likely price increase in the near future.

The Ethereum gas charge has decreased to a ten-month low of $2.54, according to on-chain statistics provider Santiment. It reads:

Ethereum (ETH) Is In An Accumulation Phase On-chain data suggests that Ethereum has been accumulating rapidly recently. The whale group of addresses with 10k to 100k ETH in their wallets has increased their balance from 28.3 million ETH in March to 29.0 million ETH as of today.

It means the whales have spent roughly $1.4 billion for over 700,000 ETH. Currently, these whale addresses possess over a quarter of the total ETH supply.

Courtesy: IntoTheBlock

The disparity is obvious in the above image, with whales accumulating at every price drop. However, Ethereum regular investors have participated in the same way as the whales. During this time, the number of Ethereum whale addresses holding 1 to 10 ETH has increased dramatically.

The number of ETH whale addresses holding 1 to 10 ETH has increased from 1.14 million to 1.19 million in the previous month and a half.

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