- ETH was down by more than 5% in the last seven days.
- As its volume dropped, market indicators continued to look bearish on the king of altcoins.
Over the last week, the price of Ethereum [ETH] tanked. However, whales took the opportunity to accumulate more ETH. Does this indicate a market bottom, which could allow ETH to act differently in the coming weeks?
Ethereum: Whales are on the move
CoinMarketCap’s data revealed that Ethereum’s price dropped by more than 5% in the last seven days alone. At the time of writing, ETH was trading at $2,214.39 with a market capitalization of over $266 billion.
Its trading volume also dropped sharply, meaning that investors were not actively trading the token.
Inasmuch, Ali, a popular crypto influencer, highlighted how whales behaved during this period. He noted that a few ETH whales accumulated 100,000 ETH in the last week, worth more than $230 million at the time of the tweet below.
Some of the largest #Ethereum whales have been on a buying spree, scooping up over 100,000 $ETH in just the past week – that’s a whopping $230 million! pic.twitter.com/jWHY6MXDgs
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