since the general market fall last week, reports of a significant Bitcoin sell-off have caused Ethereum’s (ETH) price to slightly decline.

According to information from CoinMarketCap, the price of ETH has dropped by 5.01% over the past week, for a total price loss of 10.80% over the preceding month.

Nevertheless, despite Ethereum’s poor performance, Santiment, an on-chain analytics tool, has noticed some encouraging changes in whale behavior.

Ethereum Experiences Highest Whale Activity In 4 Months

In research published on Thursday, August 24, Santiment said that Ethereum has seen its highest volume of whale transactions in the previous 16 weeks.

Following the token’s drop below the 1,650 price level last week, the blockchain intelligence company reports that there has been a noticeable surge in transactions by addresses with significant ETH holdings.

Could The ETH Market Experience A Boost Soon?

According to the Santiment analysis, huge investors went on a buying spree as ETH’s price dropped in anticipation of a price increase, profiting from the current market downturn.

Another market intelligence company, Lookonchain, has also commented on the continued accumulation of ETH, giving us further information about this pattern.

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Lookonchain said that four whales had bought 56,100 ETH, worth $94 million, in total over the previous seven days via an X post on Thursday.

After making such significant investments, it seems that major ETH investors are counting on the well-known altcoin to start a market recovery soon.

Data from Coincodex, however, shows that overall market sentiment toward ETH is still pessimistic. The Fear & Greed Index is currently at 41, which shows that many other investors are still dubious about the token’s likelihood of profiting.

At the time of writing, the price of ETH is $1,652.06, and it has lost 1.861% of its value over the last day. Parallel to this, the token’s trading volume, valued at $5.67 billion, has decreased by 31.07%.

Despite this, Ethereum is still the second-largest cryptocurrency, with a market value of $198.36 billion.


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