Ethereum Canada Crypto News – During the most recent market downturn, several big whale purchases drove the price of cryptocurrencies back up to the local highs of 2023. On-chain statistics revealed that throughout this time, Ethereum whales who had 1,000 to 10,000 ETH added almost 400,000 ETH to their holdings. The most recent purchase is said to be worth $600 million.
In the most recent crypto market downturn, #Ethereum whales with 1,000 to 10,000 $ETH added over 400,000 #ETH to their holdings, valued about $600,000,000. pic.twitter.com/OMfebJoPVh Ethereum Canada Crypto News.
After falling from a local high of $1,742 on February 16, 2023, Ethereum lost nearly 21% of its value. ETH’s price fall was predictable given its previous price behavior, and a technical signal had been constructed that predicted a 20% price decline.
Analysts discovered a death cross technical pattern following the year’s top, which backed the mounting concern of a potential drop following an excellent gain. When an asset’s short-term 50-day moving average crosses below its long-term 200-day moving average, this is known as a death cross.
The market took note of this pattern and dove into a downturn, causing the price of ETH to drop to $1,369 in less than a month. On-chain data showed that the bulls took advantage of this chance to load.
The current financial crisis in the traditional banking sector provides fundamental support to investors, who appear to be adopting cryptocurrencies as an alternative, in addition to technical considerations that are already favoring the bulls.
Prior to this, there had been an increase in anticipation of an interest rate increase from regulators. It provided support for the anticipated cryptocurrency boom in the upcoming months.
The projected bounce when the market recovered following the failure of Silicon Valley Bank appears to have been sparked by the present difficulties faced by major banks. As a substitute and secure location for wealth preservation, investors seem to be turning again to cryptocurrencies.
At the time of writing, Ethereum was trading at $1.670, just 4.27% behind its all-time high.
Ethereum Whales Taking Advantage of Recent Drop to Purchase More ETH | Coin Edition first published here.
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