Ethereum Whales Quietly Filled Up On ETH While Broader Market Panicked
January 27 2022 - 6:00PM
NEWSBTC
Ethereum crumbled with the market during the last crash and is yet
to recover to previous levels. The crash was characterized by
sell-offs and liquidations from all angles, which continued even
when the price dumped further. Fear of a bear market sparked this
as investors wanted to get out before the price fell further. But
not everyone followed this trend of dumping. Whales have always
been known to move differently from smaller investors when it comes
to the crypto market and this time was no different. While
investors panic sold their holdings at low prices, these whales
quietly gobbled up the ETH being dumped on the market, increasing
their dominance in the market once again. Whales Fill Up On ETH In
the last few weeks, whales have taken advantage of the declining
market values to buy cryptocurrencies at what can be essentially
said to be a discount. The price of Ethereum had dumped as low as
$2,100 following the crash, leaving even more room for the whales
to increase their holdings. Smaller investors had followed suit but
only after whales had bought hundreds of millions of dollars worth
of ETH. Related Reading | Bitcoin Whales Take Advantage Of
Market Crash To Gobble Up Millions In BTC During this time, the
number of addresses holding more than 10,000 ETH on their balances
had also increased significantly. These whales had altogether
purchased more than $500 million in ETH in only a couple of weeks.
ETH recovers to $2,400 post-crash | Source: ETHUSD on
TradingView.com This renewed support from whales and smaller
investors had worked to slow down the decline of the digital asset.
But proved to be not enough to spark a rebound back up to previous
values. Despite growing support from these large investors, the
market has remained in extreme fear, pointing to intense wariness
from investors. This has caused them to hold back from putting any
more money in the market. Ethereum Struggles To Stay Afloat Since
the crash towards the low $2,100, Ethereum has had a hard time
recovering in the market. While a bounce-back that was triggered by
pioneer cryptocurrency bitcoin saw it recover above $2,400, it has
not recorded much in the way of upward momentum since then. Related
Reading | Which Cryptocurrencies Suffered The Worse Collapse
Since All-Time Highs? Indicators point to the week playing out with
continued low momentum for the second-largest cryptocurrency by
market cap. It had previously tested the $2,700 point on Wednesday
but had promptly taken a beating down that brought it back to
$2,400. ETH is trading below its 5-day, 20-day, 100-day, and
200-day moving averages for the first time in a year. Market
sentiments remain bearish with more downtrend expected to come as
support from whales taper off. As of the time of writing, the
digital asset is trading at $2,461, down 2.97% in the last 24
hours. Trading volume is up significantly over the same time period
but is yet to translate into a higher value for the asset. Featured
image from Nairametrics, chart from TradingView.com
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