The crypto market has suffered due to the collapse of the crypto exchange FTX, but Ethereum witnessed more selloffs during the crash. The ETH price tumbled from $1,661 to $1,081 within a month, with chart patterns continuing to deteriorate. Meanwhile, Ethereum whales took the opportunity to add over $1 billion worth of ETH as the price dips to a key support level.
Ethereum Whales Buys the Dip
According to the on-chain platform Santiment, large Ethereum whales have added almost 947,940 ETH worth over $1 billion on November 21. The Ethereum (ETH) Percentage of Supply Held data reveals it is the 5th largest single-day whale accumulation in the past year.
In the past 4 instances, ETH prices surged at an average of 3.2% against Bitcoin. Whales accumulating Bitcoin at support levels are considered a key bullish indicator of a reversal. However, Ethereum still consolidates due to FTX contagion.
Therefore, ETH price continued to drag lower amid the FUD of FTX Drainer selling ETH holdings. However, whales have now entered as speculation fades slowly. The ETH price could jump from current levels.
ETH Shows Signs Of Recovery
Ethereum price hit a low of $1,081 today. The 24-hour low and high for ETH are $1,081 and $1,140, respectively. At the time of writing, the ETH price is trading at $1,113, down nearly 1% in the last 24 hours. However, the price has slightly jumped 2% in the last few hours.
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks