since the general market fall last week, reports of a significant Bitcoin sell-off have caused Ethereum’s (ETH) price to slightly decline.
There's a fundamental misunderstanding amongst the "the market has to crash" crowd
The general thesis seems to be: affordability is low, so prices have to fall for more people to be able to afford homes
The reality is there is so little inventory out there
Since there are very…
— Sean O'Dowd (@SeanODowd15) June 1, 2023
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.
Ethereum experiences a rise in network growth by the number of unique addresses that transferred Ethereum for the first time.
This has marked the highest daily network growth in 2022! pic.twitter.com/h94LZrbrl5
— inlander.eth | 4841.eth 🦇🔊 (@cyberzyx) October 13, 2022
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.
When could $ETH experience its next bull market?
Given that ETH has been bubbling right after the $BTC halving, if history were to repeat we could be seeing an ATH by the end of April 2025.
Expecting a cycle bottom at the $400-$700 zone.
— Crypto Mr. Ken / YouTuber / Bitcoin (@mrkencrypto) December 21, 2022
Another market intelligence company, Lookonchain, has also commented on the continued accumulation of ETH, giving us further information about this pattern.
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.
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— Ismaila Fadera (@Sumaila_Fadera) August 17, 2023
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%.
This brings us to #RektGuy
Let's have a look at the data:
At the time of writing, there are only 14 rektguys sitting below 0.5 ETH
The current floor price is 0.4439
And the amount of holders has jumped to 4203 with just 6% listed pic.twitter.com/19mhBLiwmi
— RektEdge (@rektcapdao) November 30, 2022
Despite this, Ethereum is still the second-largest cryptocurrency, with a market value of $198.36 billion.