- Ethereum showed signs of recovery, gaining 2.65% and approaching $2,000, despite losing 30.16% of its value over the past 30 days due to intense market pressure.
- Whale investors accumulated $800,000,000 worth of Ethereum over four days, indicating confidence in its long-term potential as smaller retail investors panic-sold their holdings at discounted prices.
- This surge in whale activity suggests a possible rebound for Ethereum, highlighting its potential to stabilize after a turbulent period in the cryptocurrency market.
Ethereum took a major step towards regaining the $2,000 zone today, on March 14. On this date, Ether gained 2.65% over the last 24 hours. At its highest point in the day, Ether traded as high as $1,943. Meanwhile, at this time of writing the asset is valued at $1,910.
Much like the rest of the cryptocurrency market, Ethereum faced extreme selling pressure since the end of February. Currently, the world’s second-largest cryptocurrency is down by 10.7% over the week, amassing a whopping 30.16% decrease in value over the last 30 days.Â
Amidst the decrease in value, investors wondered at what point Ether would consolidate a bottom. While it is still too early to confirm that assumption, recent whale activity suggests a potential rebound in the near future.
Whales Accumulating After The Dip
A recent analysis shared by Ali Charts on Twitter revealed that cryptocurrency whales accumulated a massive amount of Ether this week. According to the post, these investors bought over $800,000,000 in ETH over the last four days.Â
This large-scale accumulation by whales may indicate that these high-net-worth investors are capitalizing on panic-selling from retail traders. When retail investors sell off their holdings amid market uncertainty and declining prices, it creates opportunities for whales to accumulate Ether at discounted rates.
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