In the past 24 hours, the trading price of Ether (ETH) has experienced a major collapse. The data shows that the second-largest cryptocurrency has given up over 8% of its overall value in the 24-hour period.
This is a major setback for the ETH investors who thought that the price of the asset would finally start moving in the upward direction.
After the FTX crash, the trading price of ETH lost a fortune like the rest of the cryptocurrencies. Following a two-week bloodbath, the investors returned to ETH thinking that its price would recover.
However, the price of ETH has taken another major hit and it has collapsed over 8% in the past 24 hours. In the past 7-days, the trading price of ETH has dipped by 12%.
Something’s in the Making
Due to the recent crash, the trading price of ETH has dropped to a low of $1,128. As the ETH price has reached a lower level, many investors are worried that their investors are losing their gains.
However, it is a positive sign for the overall Ether market. Even when most of the investors have lost their confidence in ETH, the ETH whales are more than confident about its future surge.
The whales have found it to be the best opportunity to increase their investments in ETH. They are eager to accumulate as many ETH as possible so their gains are extremely high when ETH’s price picks up.
Despite the overall bearish sentiments of the market, most of the whales are determined to add as many ETH as possible to their wallets.
Latest Report from Whale Alert
The latest report shared by Whale Alert is quite promising for the entire ETH community. It could be a huge opportunity for the rest of the investors as well to start accumulating as many ETH as possible.
The report shows that as the price of ETH has dipped, the whales have acquired a tremendous amount of ETH. Around 400,000 ETH have reportedly been moved by the whales in the past 24 hours.
The movement has been recorded on multiple cryptocurrency exchanges, which suggests that the value of ETH is destined for a major spike in the upcoming days.
The report suggests that in the past 24 hours, multiple unknown wallets have purchased more than $450 million worth of ETH.
Movement Segregation by Exchanges
Among all major exchanges recording the movement, the largest movement has been recorded on Upbit. The data shows that a total of 300,000 ETH have been moved, which translates to almost $333 million.
Then comes Bitfinex which has recorded a movement of 99,999 ETH, which translates to $112.4 million.