Ethereum whales are buying the dip, and regular traders are following.
According to Santiment market statistics, Ethereum whales opt to purchase the dip by acquiring about $500 million in ETH as the volume of Ethereum addresses owning more than 10,000 coins reached the ATH.
According to the provided indicator, a graph that tracks the number of big Ethereum addresses has seen a significant increase as the asset’s price has decreased by about 30% in the previous few weeks as a result of the correction in both the financial and cryptocurrency markets.
As Santiment implies, the chart rise was the most significant since November, when Ethereum’s price rose to $4,820 on its way to $5,000.
Following the whales’ purchases, regular traders joined the rise and began purchasing a big quantity of coins. According to the same statistics for addresses with multiple ETH, the number of tiny wallets has already surpassed 1.4 million.
With the presence of substantial purchasing power on the market, Ethereum was able to slow down on its way down and has since rebounded from a local low of $2,170. However, due to the skepticism surrounding the cryptocurrency business, the market has yet to fully recover.
Ethereum is trading with a 15% profit from the local low and fairly low turbulence ahead of the FOMC meeting, which may have a huge impact on both crypto and conventional markets. According to research, the crypto market tends to fall farther following each meeting. However, at least three meetings resulted in short- and mid-term rebounds for the digital assets market.
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Patrick
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