The crypto market often runs on a cycle of highs and lows. Conscious investors leverage the lows to enrich their wallets with assets awaiting the bull run. This quarter’s bearish trend is no exception.
The past few weeks in the crypto market have been filled with massive losses following the FTX collapse. The extreme macroeconomic conditions following the Fed’s interest rate hike are not helping matters.
Ethereum, the second-largest cryptocurrency, suffered multiple setbacks in the last weeks following the market decline. Ethereum slumped below $1,600 to $1,081, losing nearly 24% over the weekend.
Ether whales took note of the bearish trend and accumulated over $1 billion worth of ETH while the price went below the support level.
Whales Buy A Major Amount Of Ethereum