Santiment, a blockchain analytics company, tweeted this morning that major Ethereum whales added 947,940 additional ETH yesterday. At the current exchange rate, this is almost $1.03 billion. It was the fifth-largest single-day addition over the year, the tweet continued.
Large whales (those holding $10.9 million to $1.09 billion) have taken advantage of the price drop to buy ETH at a discount, despite the possibility that the continuous price slide of ETH is testing investors’ resiliency in this bear market.
At the time of publication, the price of Ethereum (ETH) was 1089.83, a decrease of 1.45% over the previous 24 hours. This has contributed to ETH’s downward weekly price trend, which is presently down 12.49% over the past seven days.
The price of ETH increased by an average of 3.2%+ against BTC in the days that followed in the prior four instances of massive ETH whales amassing significant sums of ETH.
In the 24 hours prior to publication, the price of ETH had decreased by 0.59% in comparison to BTC. The price of ETH has since retraced to trade nearer to its daily low of $1,084.86 after reaching a daily high of $1,140.70.
On the daily chart for ETH, the price of ETH has plummeted to the $1,105.75 support level after falling from a high of $1,227.07 on November 20, 2022, to its current spot. The daily 9 and 20 EMA lines’ relative positions show that bears are currently exerting pressure on the $1,105.75 support level. These are convincing signs that the level might not hold.
According to recent data, many institutional investors are betting that the prices of Bitcoin and Ethereum will decline in the near future. As roughly 75% of the entire inflows were made up of short product inflows, making it the highest inflow on record