Ethereum whales have doubled down on buying the altcoin with the highest market capitalization, with an impressive buy wall of $236 million in just three days.
EthereumETHPrice continues to fall below $2,000 amid recent selling pressure.
Whales, large investors who hold substantial ETH, remain unfazed.
Data from the on-chain shows that large holders are buying the altcoin with highest market cap.
Ali Martinez from crypto analyst Ali Martinez posted a chart on March 21 showing the increase of whales accumulating ETH. According to the analyst, the latest dip that saw Ethereum’s price retreat from above $2,000 allowed whales to scoop up over 120,000 Ether tokens — worth nearly $236 million — in just three days.
Lookonchain claims that a whale bought 7074 ETH, worth $13.8 Million. Data from the blockchain shows that the whale moved 4,511 Ethereum worth more than $8.81mn to decentralized financial platform Aave.
However, the whale’s actions did not end there. They borrowed USDT 5 million through the DeFi Protocol and transferred it into OKX. With the money, they bought 2,563 ETH worth $5 million.
In the period between January 1,872 and February 2,060, Ethereum prices fluctuated in a range of $1,872 – $2,060.
ETH is currently trading around $1,966, showing a sideways movement after the bulls gave up the gains they made on Wednesday. Weekly gains have now dropped to just 1.7% and buyers are suffering a 27% drop in the last month.
Whales are taking a more aggressive stance despite the choppy performances that have some ETH owners panic-selling. It suggests that Ethereum’s price could rise in the future.
Standard Chartered recently forecast that ETH will reach $4k in 2025. revised forecast From an earlier bullish prediction of $10,000 by the end the year.
Retailers are also feeling optimistic about this bullish outlook from the whales.
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Source: crypto.news
