Ethereum whales add 1.1% of entire ETH supply to their bags amid significant price decrease
Holders of large Ethereum positions have been actively accumulating more tokens over the past three weeks, according to data from Saniment. Despite the growing capitulation in the cryptocurrency market, during which ETH lost almost 40% in value, wallets with balances between 100 and 100,000 ETH put around 1.1% of l total supply of the token in their bags.
The trend started on June 7, exactly two days before ETH left the $1,980-$1,725 range and collapsed more than 50% in a moment, reaching its lowest value in a year and a half at $881. Then, a rebound was expected, and at the moment the rate of ETH fluctuates between $1,000 and $1,300, where it is actively accumulated by the whales.
Is Ethereum (ETH) already cheap enough?
Despite the fact that Bitcoin is considered the main cryptocurrency, many people doubt the possibility of its large-scale application and give it the role of a way to save money, or gold 2.0, a technology provider. Ethereum, on the contrary, assumes this role and in a radiant decentralized future appears as the main technological pad. This raises the question of whether the value of ETH has fallen enough to recover.
The question is ambiguous. On the one hand, ETH has already corrected 78% from its peak price of $4,860 in November. On the other hand, we can see that despite a short stay in the area of $800-900, the rate of ETH is still dangerously close to an important support level, and another move down is not excluded at all. Moreover, it seems that an additional 7-10% from November highs is needed to make a full market cycle and start a new one.
