Cryptocurrency
New Data Shows Whales are Accumulating Ethereum; Here’s What This Means
As read on News BTC, “Ethereum’s parabolic uptrend seen in the early part of February ultimately allowed ETH to climb to highs of $290 before it lost its momentum, with the recent turbulence seen by Bitcoin and the aggregated market leading it to plummet into the lower-$200 region. “Although ETH has erased nearly all of […]
As read on News BTC, “Ethereum’s parabolic uptrend seen in the early part of February ultimately allowed ETH to climb to highs of $290 before it lost its momentum, with the recent turbulence seen by Bitcoin and the aggregated market leading it to plummet into the lower-$200 region.
“Although ETH has erased nearly all of the gains it incurred throughout the early part of last month, it doesn’t appear that whales are phased, as data shows that the top 100 Ethereum holders are once again beginning to accumulate the cryptocurrency.
“This signals that these ETH holders are growing increasingly confident that the cryptocurrency is bound to see further upside.
“Ethereum’s sharp decline from its yearly highs has done significant damage to its market structure, with bull’s inability to sustain its momentum seemingly elucidating some underlying weakness.