In the midst of a major price drop, Ethereum whales add 1.1 % of the total ETH supply to their bags.
According to Santiment statistics, significant Ethereum positions have been actively amassing additional tokens over the last three weeks. Despite the mounting capitulation in the cryptocurrency market, during which ETH dropped about 40% of its value, wallets with balances of 100 to 100,000 ETH placed approximately 1.1 % of the token’s entire supply in their bags.
The trend began on June 7, exactly two days before ETH departed the R32.6K-R28K range and plunged more than 50% in a moment, reaching R14.5K, its lowest value in a year and a half. Then a rebound was predicted, and the price of ETH is currently fluctuating between R16.4K and R21.4K, where it is avidly acquired by whales.
Despite the fact that Bitcoin is the most widely used cryptocurrency, many people are sceptical of its widespread adoption and regard it as a means of saving money or gold 2.0, a provider of technology. Ethereum, on the other hand, assumes this position and appears to be the key technical pavement in a bright decentralized future. This begs the question of whether ETH has dropped in value sufficiently to be taken up.
The question is vague. On the one hand, ETH has already recovered 78% of its November peak price of R4,8K. On the other hand, we can see that, despite a brief stay in the R13.1K-R14.8K range, the price of ETH is still perilously close to a critical support level, and another drop is not ruled out. Furthermore, it appears that a drop of an additional 7–10% from the November highs is required to complete the market cycle and begin a new one.