Ethereum, one of the leading cryptocurrencies, is currently experiencing a price decline along with the rest of the market. This downturn has been exacerbated by escalating tensions in the Middle East, causing uncertainty in the market. However, on-chain data tells a different story as big player “whales” in the market take advantage of the low prices to accumulate assets.
On-chain data from Lookonchain shows an Ethereum whale accumulating during the price decline. This whale has been in action even before the escalating tensions in the Middle East. According to Lookonchain, whale “0x4359” has withdrawn 62,141 ETH worth $202.6 million from Binance in the past five days. This whale’s latest withdrawal from Binance was less than 12 hours ago, where they withdrew 37,018 ETH worth $120.7 million.
Meanwhile, a newly created whale wallet “0xE347” has withdrawn 7,300 ETH worth $23.8 million from Binance. This suggests that whales are buying Ethereum at the bottom.
On the other hand, Lookonchain also noted a trend of whales selling off their holdings. One example of such selloffs came from whale address “0xaF35” who deposited 6,700 ETH worth $23.65 million into Binance immediately before the price drop.
The ETH accumulation and selloffs from different whale cohorts highlight the contrasting trading strategies between large holders of the crypto asset. Despite the selloff from retail investors, a continued accumulation from whales could eventually tip the price of Ethereum to the side of the bulls as tensions in the global market start to subside.
Total crypto market cap is currently at $2.261 trillion. Ethereum now finds itself trading around the $3,000 price level, which remains a crucial price level. A continued accumulation from whales could lead to Ethereum holding up above $3,000 and surging upwards at least till it reaches $3,200. A continued selloff could lead to a further price decline, causing Ethereum to break below $3,000.
In conclusion, while the majority of cryptocurrencies experience a bleed in value, Ethereum is not immune to the trend. However, on-chain data shows that big player whales in the market are seizing the opportunity to accumulate assets, displaying a bullish sentiment amid the turmoil. It remains to be seen if the whale accumulation will be enough to tip the price of Ethereum in favor of the bulls.
BitminerFactory is brought to life by Darrell Houghton, our astute publisher. With a deep-rooted passion for crypto and crypto mining spanning many years, Darrell’s unwavering enthusiasm fuels his daily quest for knowledge. He is eager to share the pivotal news stories of the day while also providing his own analysis and commentary with Bitminer Factory’s readers.
Source: NEWSBTC
